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JO Hambro helps Wood to shine

JO Hambro Capital Management has established the JOHCM UK opportunities fund for former Newton manager John Wood.

The new fund is the third in the companys UK range, complementing the UK growth and UK equity income funds. The new fund, which will be capped at 1bn including any segregated mandates the manager takes on, aims for growth by investing in a concentrated portfolio of 30-40 stocks mainly in the UK. However, up to 10 per cent may be invested overseas. The circumstances in which Wood will invest in overseas stocks are when he wants to take full advantage of an economic or industrial trend, or when he is unable to get exposure in the UK.

The fund will be benchmarked against the FTSE All Share Total Return index in sterling, but will not be constrained by it in terms of sectro weightings.
Fund manaegr John Wood has more than 10 years investment experience. He managed the Newton UK opportubutues fund from 2002, until recently joining JO Haqmbro.

The new fund will be based on bottom up stockpicking driven by trends and themes in the global economy and insustrial sectors. It will invest across all market caps, with a focus on strong businesses which have attractive valuations.

Woods investment style is a buy and hold strategy with a two to four year view of each stock, complemented by a disciplined sell strategy. When a share price starts falling, Wood will look at the reasons why this is and if he is convinced that it is unlikely to turn around, he will sell out of the stock completely rather than trim back his exposure to it.

According to Wood, the main risks come about through failing to avoid the losers rather than missing out on the winners. He will not momentum invest and will ensure the portfolio includes only companies and sectors he understands fully.

Although there are numerous UK funds to choose from, this one differs from many in that it is run according to the managers own style rather than that of the investment house. The cap on the fund size and its performance fee structure are also distinguishing features. IFAs may invest in this fund on the back of Woods style and record at Newton, but others may be reluctant to invest in a new fund and because of the cap, may miss out altogether.


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