Manager style
“ That focus on positive change helps us perform during periods where value is out of favour ”
have experienced problems – and it is often only when an improvement is visible in their trading that the market re-prices future growth . “ That focus on positive change helps us perform during periods where value is out of favour , as we try to be invested in companies where we think earnings can improve over the medium term ,” he says . Winton recently said it is “ lonely ” being a value investor in UK small caps , as most of his peers use the growth style . Yet this hasn ’ t done him any harm : his fund has beaten its Numis Smaller Companies ex ITs benchmark in nine of the past 10 years , outperforming the MSCI World index by more than 100 percentage points over this time .
Jonathan Winton
Issue 82 - March 2022 / 27 /