What are fund managers' biggest investment 'red flags'?

FundCalibre asked managers about warning signals

When investors are researching funds, they often look at how the managers pick stocks in which to invest.

When investors are researching funds, they often look at how the managers pick stocks in which to invest. What can be overlooked, however, is how the managers avoid any potential pitfalls or how they take the decision to sell. After all, while it's exciting to see a stock price rise, it can be less enjoyable watching it fall. FundCalibre asked four Elite-rated managers for their biggest investment 'red flags' and why they are important.