Bradbury successor returns 34% despite initial struggle

Richard Watts has struggled to maintain performance on the Old Mutual Select UK Mid Cap fund since taking it over from Ashton Bradbury last year.

Watts has had an eventful first year on the fund, in which he underperformed the FTSE 250, but still returned 34%, according to Morningstar figures. In a recent review of the Mid Cap fund, Morningstar notes that while the poor relative performance of the fund coincides with a change of manager, it does not believe investors should be overly concerned. "Watts could have hoped for an easier first year in charge of this fund," the analysts say. Despite being well positioned in terms of sectors, Watts was sitting at the safer ends of the risk spectrum as the market took off and, althoug...