Should managers reveal all?

Traditionally, fund managers have only ever shown investors the top ten stocks they are currently holding when they send out their latest factsheets.

Putting aside the point the factsheets themselves are old – often more than a month out of date – they were always a quick and easy way to analyse the big bets a manager was making. Very useful to journalists, they also help the end customer get a feel for where their money is, and help them work out, if they are so inclined, whether their portfolio is too heavily skewed towards one stock or sector. Some groups do not play ball, of course. Neptune, for example, does not show any holdings on its factsheets, although the manager commentary may refer to notable positions. As stricter ...