Marlborough's Lall: The unloved 'Covid kickers' set to reboot their dividends

Too early to crystallise losses

Cineworld, WHSmith and National Express are among some of the out-of-favour stocks in Sid Chand Lall's £1bn Marlborough Multi Cap Income fund that have suffered torrid performance during the throes of the coronavirus crisis.

These stocks, among several others, account for a proportion of the fund that the manager describes as "Covid kickers", which have resided in the portfolio since before the crisis, but which he thinks are likely to recover. Therefore, Lall does not want to crystallise any losses by selling out of them. "For me, it is about selling at the right intrinsic value," he said. "For instance, a company we hold is Plaza Hotel, which is at a discount to its net asset value. I don't want to sell there because, with lockdown easing, if anything it will get more bookings coming through. "Even i...