Company management will then be met in order to verify the ideas and build conviction.
The resulting portfolio holds between 70-110 stocks. Positions are initially sized based on how they fit with the current portfolio and their volatility.
Jeremy aims to split the portfolio with around 50 per cent in the ‘exceptional value bucket’ and 25 per cent in each of ‘corporate change’ and ‘unique businesses’, but this can vary.
These buckets will also have different holding periods and return targets for their stocks.
The fund has recently been adding to lower multiple stocks, particularly in the financials and healthcare space. this has been offset by taking profits on some highly rated stocks.
The fund has returned 84.9 per cent to investors in the past five years, compared with an IA Global sector average of 64.3 per cent. It has also outperformed its average peer each calendar year - bar 2018 - since Mr Podger took it on. It has an ongoing charges figure of 0.92 per cent.
Backed by an experienced manager with an exceptional long-term track record, this fund truly is one for all seasons.
It offers the best of both worlds by having exposure to a number of the world’s leading tech companies in its top 10 holdings, while retaining an ability to take advantage should value make its much-anticipated recovery.
Darius McDermott is managing director of FundCalibre