What I Bought Last cash surpluses and can increase their dividends . Value discovery is often found outside the FTSE 100 , hence the multi-cap approach .
Potential This is arguably the “ P ” that interests us the most . The underperformance we referenced year-to-date can largely be attributed to the de-rating of the mid- and small-cap area of the market . If we examine the price-tobook ( P / B ) ratio , the FTSE 250 and AIM indices have de-rated by close to 40 % so far in 2022 . The FTSE 250 ’ s P / B ratio is broadly in line with historical lows , such as those it fell to during the depths of the 2008 / 09 financial crisis . It is hard to see a catalyst for negative sentiment to change in the short term , but change it will , and we need to be on that train when it leaves the station .
Pedigree Williams ’ career goes back more than 30 years , during which time he has focused almost entirely on multi- and small-cap investing . It is safe to say that Williams ticks the box when it comes to pedigree , ably supported by Turner , with whom he has worked since the launch of this fund 11 years ago . The conclusion is straightforward : we have a fund that performs in most conditions , managed by one of the oldest heads in the sector who adopts a coherent and repeatable process in an area of the market that displays great potential .
James Sullivan is head of partnerships at Tyndall
Issue 89 - November 2022 / 77 /