Schroders Kirrage: The lessons learnt from a decade of value investing

Ten years co-managing Recovery fund

Nick Kirrage recently celebrated the ten-year anniversary of co-managing the £777m Schroder Recovery fund with Kevin Murphy. Here, he shares the most valuable lessons learnt over this decade.

Over the ten years to 29 July, the Recovery fund has returned 134.5%, versus the 72.8% return from the IA UK All Companies sector and a 72.2% return from the FTSE All Share index. Describing this investing style, Kirrage (pictured) said: "There are plenty of technical explanations of this concept, but the spirit of it is simple. It is merely the exploitation of investor emotion. "The value investor waits patiently, observing as irrational investors sell amid turmoil and buy at times of euphoria." He added: "These emotions are often driven by some wider fad, event or trend. For exam...