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Dampier defends best ideas

Hargreaves Lansdown head of research Mark Dampier is still backing Skandia’s UK and global best ideas funds after a difficult 12 months.

Dampier says it has been almost impossible for funds of this nature to steer clear of market volatility.

Both funds have failed to beat their benchmarks over one year, with the £268m UK best ideas fund being fourth quartile in the UK all companies sector.

Dampier says: “The markets have been incredibly volatile and, since launch, the global fund has actually performed well.

“The UK side has suffered, as mid and small caps, which are where most of the best ideas have come from, have been kicked to death. In November, small caps fell by 11 per cent.”

Dampier has been a big supporter of the funds since global best ideas was launched in June 2006. The UK best ideas fund followed in November 2006.

He says both funds will remain in Hargreaves Lansdown’s Wealth 150 list as investors should focus on the long-term view.

He says: “The likes of George Luckraft and Step-hen Whittaker have strug-gled to perform in recent markets but their long-term records indicate that investors who invest for the long term should stick with these managers as everyone goes through periods of underperformance.”

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