Schroder Recovery Z Acc

Willis Owen Research Commentary

Fund managers Nick Kirrage and Kevin Murphy have demonstrated a strong working relationship and shared a sound investment philosophy. Their process, which seeks to identify companies that are trading at significant discounts to their perceived fair values, starts with a number of valuation screens. Price relative to 10-year average earnings (cyclically adjusted price/earnings) is a key screen, but they also look at other metrics, including price/tangible assets. This reduces the universe to a manageable number of companies, which the managers undertake more detailed research to eliminate any false positives. The managers are not constrained by the FTSE All Share when constructing the relatively focused portfolio. The value focus combined with the managers' long-term outlook, can result in performance more volatile than the benchmark.

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