Fund Manager Q&A: Odey Allegra Developed Markets
1) What is the underlying strategy of the fund?
Long-term capital appreciation through investing predominantly in global equities.
Best ideas stock-picking fund with 30-50 positions focused on developed equity markets Research-intensive strategy, leveraging Odey’s macro & fundamental research.
2) Are there any particular types of company you favour?
Market leaders with defendable position
Earnings visibility and brand strength,
Balance sheet strength,
Low leverage and prudent accounting
Sectors where capacity is reducing and prices are firming
Companies where perceived risk is greater than actual risk
3) Which areas contributed the most relative value to the fund in 2015?
This is a very bottom-up, stock-specific strategy.
The key winners in 2015 were (in order) –
- Regus +3.99%
- Amazon +3.79%
- Sberbank +0.93%
- Cirrus Logic +0.76%
- Orix Corporation +0.62%
4) Which areas are you most optimistic on for the year ahead?
Equities continue to look the cheapest asset class
We are finding good value equities in an absolute sense
US exposure is mainly domestic exposure
5) What are the main challenges currently faced by the fund?
Macro risks have increased but partly reflected in markets
Continue to be nervous about China despite it being heavily consensus
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