Hold: Iris Law for Burberry
Sorry seems to be the hardest word in the investment sphere. Even dire performance may be glossed over.
But this week, former star fund manager Nick Train did an unusual thing.
He apologised for the poor results of his UK investment trust which focuses on well-known British stalwarts.
Train attributed the decline to the trust’s lack of holdings in mining, oil and technology.
Large stakes in the luxury goods group Burberry and asset manager Schroders – which Train and his team believed would be ‘meaningful positions’ – failed to deliver.
Over the past six months, the return from his Finsbury Growth & Income trust has been 3.8 per cent, against a sector average of 12.8 per cent. His Lindsell Train…
