Can a fund manager ever truly avoid behavioural biases?

Legendary value investor Benjamin Graham has helped many fund managers' strategies to evolve, but his investment philosophies have resonated with Matthew Tillett, manager of the UK Opportunities fund at Allianz Global in particular.

Partner Insight Tillett's strategy on the Allianz UK Opportunities fund is driven by underlying company fundamentals and valuations in a similar thinking to Graham on the issue of behavioural biases and ‘Mr Market'. "As a fund manager, it is vitally important to know when to sell an investment just as much as it is to know when to buy a stock," says Tillett of his strategy. "Experience has shown me all sorts of behavioural issues when managers continue to hold a stock, even if the investment case later morphs and you own a business that is completely different to what it was when y...