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Asset Allocator recently found itself chatting to James Thomson, who runs the Global Opportunities fund at Rathbones. 

He revealed that his fund, unusually in the current market conditions, has been receiving net inflows all of this year, and continues to do so.

As you might imagine, we double-checked this and his fund has indeed increased in size by £400mn and is now £3.6bn despite, in performance terms, losing 15 per cent this year. 

So we decided to look under the bonnet to see what DFMs think about it.

Well, while Thomson has been receiving inflows they have not come from allocators.

It is held in the portfolios of two of the allocators on our database, with no buys or sells at all over the past 18 months (it is possible one of those DFMs has doubled down).

The fund is unashamedly growth in nature, which may explain the relative underperformance of the past year, but has never been keen on the tech-heavy growth of some of its peers.

Its largest sectoral exposure is to consumer products, which make up 26 per cent of the fund, and it is underweight tech at just 18 per cent compared to its sector.

Now, this overweight is nothing compared to that held by Nick Train, the king of consumer products.

The Lindsell Train Global Equity fund has a 49 per cent exposure to these stocks. The IA Global sector, for reference, has an average consumer products exposure of 17 per cent.

Train's fund is only held by one DFM in our database, and it is notable that the most popular global fund in our list, Fundsmith Equity, also has a large consumer products position and has been sold by several allocators in recent months.

But given the bonfire of tech stocks this year, perhaps its more measured approach is what has attracted some investors to the Rathbones fund.

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