Invesco Perpetual's Paul Chesson has admitted to some "errors of judgement" which have caused his £289m Japan fund to underperform for the past 18 months.
The head of Japanese equities said his decision to favour cyclicals over defensives during that time has cost the fund, but he believes the stance is correct and is sticking with his positions. “We have seen very poor performance over the past one and a half years and there have been some errors of judgement on individual stocks. “We chose cyclicals over defensives during that time and as the market focused more on macroeconomic risk cyclicals have been weak.” Over the past year the fund has slipped to the very bottom of the 63-strong sector, losing 19.9%. This compares to the sector ...
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