Thomas is one of the few managers who outperforms both in bear and bull markets and over five-year periods, he has always been in the top decile.
He has achieved his great success by being pragmatic and flexible, cutting losses and taking profits whenever he feels it is right.
He also changes the mix of the fund by being heavily into small caps or mid-caps when they are performing best and then switching to large caps when circumstances change.
Unlike many fund managers, Thomas is massively underweight in financials and consumer goods, whose shares are very sensitive to the fortunes of the UK economy. He holds no banks, property firms or housebuilders.
His bigger investments are now dominated by defensive shares such as BG Group, BP and Unilever. Other bigger holdings include Weir Group, Hunting, National Grid, Rolls-Royce and Royal & Sun Alliance Insurance.
He has recently added to some of his holdings such as BPA Aviation, Imagination Technology, GlaxoSmithKline and Elementis.
This is an ideal fund for those looking to the long term and to take advantage of the recent setback in the market. It is one of the few UK equity funds that I would recommend now.