Matthews drops Buxton's 'problem' cyclicals

clock • 2 min read

Philip Matthews has turned over almost half the holdings in the Schroder UK Alpha Plus fund since taking over the fund from Richard Buxton in October, Investment Week can reveal.

In his first interview since joining Schroders, Matthews revealed he has sold around 40% of the portfolio, diversifying away from the domestically-exposed cyclicals long favoured by his predecessor to focus on different sectors. “That was one of the things I felt was a problem when I took the fund over: it had Whitbread, IAG, Debenhams, Home Retail, Ladbrokes, Taylor Wimpey, Barclays, RBS, and Lloyds, which are all exposed to an improving domestic consumer,” Matthews said. “We are moving into ideas like media, tobacco, and pharmaceuticals, where we think there is a better risk-reward ...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Investment

Stories of the week: FCA, Cash ISAs, and AIM

Stories of the week: FCA, Cash ISAs, and AIM

FCA to cut down on regulation; Cash ISA 'hoarding'; AIM could thrive alongside PISCES

Sarka Halas
clock 28 March 2025 • 1 min read
Funds to Watch panel: Fund selection leaders on manager turnover, boutiques and SDR

Funds to Watch panel: Fund selection leaders on manager turnover, boutiques and SDR

Key issues for selection teams

Katrina Lloyd
clock 27 March 2025 • 10 min read
Partner Insight: Robeco Active Quant - How to target alpha today

Partner Insight: Robeco Active Quant - How to target alpha today

Robeco
clock 27 March 2025 • 5 min read
Trustpilot