Kennox duo: We are finding fewest opportunities in our history

Concerns over pricey equity markets and the risks of value traps have pushed investment opportunities to their lowest level for seven years, according to the co-manager of the Kennox Strategic Value fund.

Geoff Legg (pictured), who runs the £200m portfolio with Charles Heenan, said the pair’s market screen is throwing up a record low number of attractively-priced companies. The managers have also been trimming some of their holdings that have appreciated significantly over recent months and years, including GlaxoSmithKline, Johnson & Johnson and Deutsche Post.  “Expensive markets do not guide what we do, but we are seeing fewer opportunities than we have in the past seven years,” Legg said. “We run 52-week low screens every two weeks, and right now the number of companies on there i...