Rory Powe, recently appointed manager of the GLG Continental European fund, turned over 95% of the portfolio on day one of his tenure as he sought to skew the portfolio towards the market leaders he favours.
The former Invesco Perpetual veteran joined GLG in July and took over the fund on 1 October. He previously spent 12 years running his own firm, Powe Capital Management. Prior to that, he made his name running the Invesco Perpetual European Growth fund during the 1990s, overseeing a strong run of performance for many years but then suffering a steep decline towards the end of his tenure. On joining GLG and taking on the Continental European fund last year, Powe immediately sold 190 of the 200 names in the portfolio he inherited and added 20 new holdings to reshape the £88m fund. ...
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