Crux's Pease: My holdings don't need QE to succeed

Manager launching new European fund

Richard Pease has taken advantage of the recent market sell-off to top-up positions in his £1bn Crux European Special Situations fund, but said his favoured companies do not need to worry about China to perform strongly or rely on the "drugs" of future monetary stimulus.

The manager added to positions like top holding Nordea Bank, which yielded 6.8% after the recent equity rout compared to its usual 5%, but said his focus remains on "investing not speculating" and he has tried to stay immune from market noise. Pease: Small firms are under pressure to raise assets Pease said his preferred type of companies, which are best of breed and "capital-lite with a very high return on that capital", will also form the bedrock of his new European fund, due to launch on 12 October. He said: "Our process tends to push us towards services or recurring revenue typ...