Richard Peirson: 20 lessons over 20 years

INTERVIEW

Richard Peirson has one of the longest - and best - track records in fund management. He has run the AXA Framlington Managed Balanced fund since 1994, and the fund has returned 96% over the five years, against an IMA sector average of 67.3%. He tells Investment Week the investing lessons he has learnt over the past 20 years.

On companies… 1 Successful companies are far more global UK companies listed on the FTSE All Share index generate approximately 70% of their sales overseas, making geographical weightings far less meaningful than before. US mid-cap companies, however, are typically more domestic in their reach, which is probably due to the vastness of their own market. 2 Technological change has outdated traditional business models The investment winners in five years’ time may not even exist today, particularly in the retail and internet space. 3 Analysts filter, not manage Analysts can ...