Ninety One's Brazier: Where we got it right and where we were wrong in our Covid-19 response

Increased turnover key to fund's turnaround

A balanced portfolio puts Ninety One UK Alpha in a strong position to "fight all oncomers" heading into 2021, after manager Simon Brazier upped the fund's turnover in the months following the Covid-19 stockmarket fall.

After a quiet previous three months, where the fund sold M&G after its merger with Prudential and switched some of its position in Ryanair in favour of a larger stake in easyJet, Brazier said he had around 30% turnover in the three months post-March. Brazier said he had entered 2020 in defensive mode, having reduced exposure to cyclicality and increased his position in blue chips on concerns over valuations and the outlook for the UK economy. That put the fund in good shape, helping it outperform both its FTSE All-Share benchmark and IA UK All Companies sector average through Q1, with...