RLAM's Cholwill: Why I'm still backing wealth managers

RLAM's UK equity income manager talks to Alice Rigby about a decade at the helm of his fund, capacity issues, and why he is still backing wealth management stocks.

Royal London Asset Management's Martin Cholwill has just marked a decade in charge of the firm's UK Equity Income fund, investing in a concentrated portfolio of companies with an emphasis on balance sheets and relative valuations. The investment approach, which centres on company cashflow, boils down to a three-word phrase of the manager's: "Cash never lies." The motto has stood Cholwill in good stead in recent years; his fund returned 119% over the five years to the end of May 2015, compared with an Investment Association UK Equity Income sector average return of 83.3%. The fund is a...