View more on these topics

14th winning year for fund star Miller

Legg Mason value fund manager Bill Miller has beaten the S&P500 index for an unprecedented 14th consecutive year despite lagging the market by 5.6 per cent as late as the end of October.

The $1bn Dublin-domiciled value fund, a mirror of Miller’s US-based $11.8bn value trust, posted growth of 4 per cent in sterling terms over 2004 against a 3.4 per cent return from the S&P500.

Miller’s record looked in jeopardy, with the fund 6.96 per cent behind its benchmark in August. In October, the fund was still trailing the index by almost 6 per cent.

Forsyth Partners’ research shows that Miller’s heavy weighting in tech and internet-based consumer discretionary stocks, such as ebay, which staged a late rally, enabled the fund to edge it. One holding, Expedia parent IAC, gained over 6 per cent in the last week of the year.

Miton Investments fund of funds manager Sam Liddle says: “There was a worry he was going to miss it. It is a fine achievement and he was well positioned for the market rally after the election.”

Recommended

Britannic buys Allianz Cornhill life firm

Britannic Group has bought the life operations of Allianz Cornhill Insurance. Britannic completed the purchase of the subsidiary on December 31, 2004 on terms agreed at the start of initial negotiations.It paid £93m as an initial consideration and a final undisclosed sum will be paid once a completion valuation has been undertaken.

Private matter

YFM Private Equity intends to raise up to £15m in C shares for its British sma-ller companies venture capital trust. The VCT was established in 1996 and raised £16.25m in its first two years. It has invested £18.2m in unquoted and Aim-listed companies to date since launch. The directors decided on a C-share issue rather […]

Small wonder Coming clean

Prudential, MM’s land-lord, has issued a strong denial that the lack of hot showers available is cruel rev-enge for any past yarns or an attempt to cool the libidos of our hacks. Apparently, a thor-ough investigation at Pru discovered it is an MM-installed shower and the Pru plumber reckons not a hot drop has passed […]

Purely Mortgages announces partnership with Cox Insurance Holdings

Purely Mortgages announces a strategic partnership with Cox Insurance Holdings to provide household insurance products to its customers.Cox will deliver a fully integrated quotation system with Purely to quote on buildings and contents insurance at the initial application stage of a mortgage.Cox business development executive Paul Firkins says: “We are delighted to be working with […]

Japan Economic Insight

James Dowey, Chief Economist, and Paul Caruana-Galizia, Economist

The conventional wisdom is that following a roughly 50 per cent rise in the stock market in 2013 in Yen terms, the Japan trade is over and done*. So the story goes, those big gains were due to a one-off boost from quantitative easing (QE) and a depreciation of the Yen — policies that one should think of as a palliative to Japan’s economic weakness, but not a cure. Rather the cure, and by implication the necessary condition for a longer-term investment case, is deep structural reforms — a painstaking re-weaving of Japan’s economic and social fabric, no less. The story continues: this is a much tougher test than launching a blast of QE, and one that prime minister Shinzo Abe, although well intentioned and well supported by the public thus far, is likely to fail. Stick a fork in Japan, it’s done…continue reading

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com