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SIG appoints Liontrust to run Skandia UK Best Ideas mandate


Skandia Investment Group (SIG) has awarded a GBP28m mandate to James Inglis-Jones and Gary West (pictured) of Liontrust in its Skandia UK Best Ideas Fund. Inglis-Jones and West have been successfully running a mandate in the Skandia European Best Ideas Fund since it launched over three years ago and have demonstrated that their investment process holds good for UK equities.

The Best Ideas concept – pioneered by SIG – is based on the active management of highly concentrated portfolios run by managers who can hold up to ten stocks each. Best ideas funds have no benchmarks, a (non index), high active share and aim to generate value from their stock picking abilities. In doing so each manager can employ their own investment philosophy.
Inglis-Jones and West’s investment philosophy revolves around exploiting the errors that people make when forecasting company profits. These forecasting errors create investment opportunity which Inglis-Jones and West exploit by identifying and buying companies with strong cash flows and low profit expectations. To achieve this they employ a two stage cash flow measure: cash flow relative to operating assets and cash flow relative to enterprise value.
The addition of Inglis-Jones and West to the UK Best Ideas line-up sees them taking over the mandate from Jacob de Tusch Lec of Artemis who is now concentrating on running his Global Equity Income Fund. de Tusch Lec has also been removed from the Skandia Global Best Ideas Fund but not replaced. His assets have instead been allocated across the four existing UK managers within the fund.
The Skandia UK Best Ideas which is managed by portfolio managers Lee Freeman-Shor, Ryan Hughes and Francois Zagame has performed strongly since the fund was refocused last year, achieving first quartile performance over the last 12 months, outperforming both the IMA sector average and benchmark in the same period.

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