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Dalton chief relishes return to his roots

Dalton Strategic Partnership new UK head of equity Glen Pratt says he is relishing the chance to return to his stockpicking roots by managing the firm’s new high-conviction Melchior UK opportunities fund.

Pratt says the fund will concentrate on 30-50 UK-listed small, mid and large-cap stocks that he thinks could return 25 per cent over a two-year period.

The fund launches with $20m under management and Dalton will consider closing it once it reaches $500m.

Pratt joined Dalton after three years at Newton Investment Management, where he managed 1.7bn of assets, including the Newton growth fund and the Newton income fund.

Before joining Newton in 2003, Pratt spent nine years at Fidelity, where he worked under high-profile fund managers, including Anthony Bolton.

He later managed the UK aggressive fund, which achieved top-quartile performance.

Pratt says: “This is a return for me to pure bottom-up stockpicking. I am looking for contrarian special situations from three categories – either stocks, where profit or cashflow is very depressed, turn-round situations with cashflow problems or valuation anomalies, where a company’s stock is very depressed compared with average market valuations. This is a return to my stockpicking roots at Fidelity, where I learned a lot from Anthony Bolton.

“I have a blank piece of paper to look at some of the best stocks in the market. The fund is unconstrained and not tied to any benchmark. I expect that every stock will have a 25 per cent growth over two years.”

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