Twenty Years Old
As you will have seen untold volumes of media footage and column inches, in addition to any number of invitations to webinars on the election outcome from investment providers, I will only state that the size of the majority gives the PM five years in office but also allows the Conservatives to become more centrist.
Friday, December 13th was also a special day for T. Bailey Asset Management. It marked the 20th anniversary of the T. Bailey Growth Fund. We would like to thank all the investors who have been with us for part or all of that journey and have bought into our thematic style of investing that eschews the market norm of investing geographically, referencing indices. As a private investment company, we have always been able to put the interests of investors ahead of shareholders, place consistent risk-adjusted performance above asset gathering. Nor have we opted to invest in our own products.
As we said recently, perhaps tongue-in-cheek:
No Woodford – No Open-Ended Property Funds & No Conflicts of Interest
Thematic investing has become more mainstream in 2019 as investors see its logic and providers recognise the opportunity to garner assets. As experienced thematic investors, we are cognisant of the need to adopt a holistic approach to thematic exposures, not least the recognition of overlap. As an example, our nutrition theme contains a fund with significant exposure to non-Asian companies whose main export market is Asia. Therefore, we need to reflect that influence when identifying how exposed we are to another theme, the rising wealth of the Asian consumer.
The 20 year old Growth Fund is a global equity proposition unlike our Dynamic Fund which is a complete investment solution proposition. Consequently, the Growth Fund tends to form the part of investors’ portfolios that want exposure to global equities and as a result, the overall currency exposure is one for the investor or their adviser. Nonetheless, we have been increasing the UK equity exposure with an emphasis on mid and small caps over the course of this year. The UK represents the Growth Fund’s largest country exposure, although much of that is a consequence of our thematic look-through.