View more on these topics

Julian Gibbs

I believe Scott McGlashan is the best Japanese fund manager of all. JO Hambro has hired him to run its new Japan Oeic and, like the other JO Hambro fund managers, he has a share in the equity and the performance fee as well as investing his own money in the fund.

He has over 23 years experience of managing Japanese equities and, while at Invesco Perpetual from 1988/99, his fund was up by 105 per cent at a time when the Japan Topix index was down by 22 per cent.

McGlashan also outperformed the index by 44 per cent while managing the Close Finsbury Japan fund from 2000/02.

While there have been many false dawns in the Japanese market, Japanese equities are now realistically valued.

The Japanese economy is recovering, companies are enjoying the benefits of restructuring and profits are surging. McGlashan believes that this improvement in profitability should be sustained.

Japan&#39s pension and insurance funds are very underweight in equities compared with other countries and, with rising interest from international buyers too, the stockmarket should rise considerably.

The main reason why McGlashan has consistently outperformed is that he avoids most of the top 100 stocks by market capitalisation and finds attractive growth stocks which are inefficiently priced. This undervaluation generally occurs because they are underresearched.

Unlike many other fund managers, if McGlashan makes a mistake, he cuts his losses immediately rather than waiting for stocks to recover, which they often never do.

It would be sensible to invest in this fund now as it is likely to be capped at around £200m – a level at which McGlashan thinks it would be difficult to continue to outperform. This fund should be another JO Hambro winner.


£400m for collapsed occupational schemes

The Government has agreed to pay £400m to workers who have lost some or all their pensions in collapsed occupational schemes. Work and Pensions Secretary Andrew Smith says the money will help victims of the occupational pension debacle which has seen about 60,000 workers lose pension benefits. Industry experts say the money, which works out […]

Group protection offer from Unum

UnumProvident has launched a new product in its group protection product range called Capital Option. The product pays income benefits for an incapacitated employee for two, three or five years. It also will provide a lump sum to an employer to, for example, enhance a pension if an employee is unable to return to work […]

Investec recruits four to boost fixed-income team

Investec Asset Manage-ment has made four key appointments to boost its fixed-income capability. The strengthened team, now with 25 people, is one of the biggest fixed-income teams in the retail market, with responsibility for more than £11bn in fixed-interest assets. John Stopford, the driving force behind Investec&#39s South African fixed income business, is now heading […]

The curse of long-term cash

Trevor Greetham, Head of Multi Asset at Royal London Asset Management, reveals why clients should be seriously concerned when short-term holdings of cash turn into a long-term investment. There is nothing wrong with holding wealth in the form of cash on a short-term basis. For many people capital stability is important and access to ready cash […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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