Graham Ashby

Graham Ashby has swapped 20 of the 50 stocks he inherited on the Ignis UK Equity Income fund in favour of stocks he prefers such as BSkyB and Petrofac.

Warren Buffett famously said in early 2002 ‘you only find out who is swimming naked when the tide goes out'.

LVAM's Graham Ashby and Cavendish's Paul Mumford have both ruled out buying into Glencore, although its share price has dived 13% since listing on the London market in May.

ASHBY'S ANSWERS

As someone who has managed both global and UK equity income funds in the past, I am often asked what are the advantages and disadvantages of managing these respective portfolios.

GLENCORE - HOT IPO OR CATCH A COLD?

The recent Barclays Capital Equity Gilt Study 2011, which looks at UK asset returns since 1899, contains a remarkable statistic: the inflation-adjusted return from holding cash in 2010 was -4.1%; the worst return for UK savers since 1975.