Manager of the £1.3bn AUM Man GLG Continental European Growth fund Rory Powe has slashed the number of companies in the portfolio's investment universe and moved to a higher conviction approach amid an uncertain outlook for European equities.
As part of a more cautious outlook for the coming year, amid a decelerating global economy and "fragile" consumer sentiment, Powe (pictured) explained he has lifted the threshold for inclusion in the fund with a focus on quality. One to Watch: Powe's Man GLG Continental European Growth fund He said: "We have cut the size of our ‘hinterland' from over 250 stocks to less than 150 and we currently own only 30 stocks in the portfolio, with the top ten holdings accounting for more than 55% of the fund. "Central to this is being high conviction in names that do surpass a high quality thr...
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