CONTENTS June 2022 PAGE 32 R EDITOR’S LETTER ussia’s invasion of Ukraine hit 100 days on 3 June with the tragedy first competing against Queen Elizabeth’s platinum jubilee for headlines and then a confidence vote in Boris Johnson. They are, of course, incomparable, but the longer the war rages, the greater the risk of evening news fatigue. A phrase it pains me to write. Ukraine’s woes have cast a shadow, but the invasion could hardly be blamed for the rotation away from growth at the start of the year. So, would an improved macro-economic outlook really boost their prospects? In this month’s cover story (p22), Portfolio Adviser looks at the Faang stocks and asks whether it’s time to put the acronym to bed – much like the Brics and Nifty Fifty before it. Risk is the name of the game, according to the latest insights from Bonhill Intelligence. UK fund buyers are stashing the cash as they adopt a wait-and-see approach, while their Irish counterparts appear less stressed (p26). Tellworth Investment’s Seb Jory talks about resurrecting a struggling strategy and delivering four times its sector average. His proprietary ‘Sinners’ screening tool has never failed to identify companies that underperform the market (p32). When it comes to delivering performance, Mirabaud Wealth Management’s Chris Applin believes portfolios should be steady work horses and not show ponies (p32), whereas Iboss AM’s Chris Metcalfe has identified two inflection points he believes have fundamentally changed how investors and managers think about asset allocation (p36). Meanwhile Pinnacle Investment Management’s Ian Macoun and Ben Cossey believe that talented investment professionals are scarce and are often forced to spend a lot of time focusing on the wrong priorities. The first half of 2022 has been astonishing, here’s hoping the second half brings fewer shocks and surprises. Kirsten Hastings , group editor kirsten.hastings@bonhillplc.com Screen test: Seb Jory’s Tellworth UK Select Fund screens out under-performing stocks with unerring accuracy 01 10 12 14 NEWS ROUND-UP PAGE 06 hit unquoteds limit 02 22 PROFILES & ANALYSIS PAGE 22 Viewpoint: The Faang tech stock march appears to be slowing, but might this simply be a blip or the end of an era? 06 How Scottish Mortgage trust 08 Crypto crashes in wake of terra collapse Jupiter has ‘lost its way’, says ex director On the money: The benefits of closed-ended structures for boutique managers Sector report: Stockpicking opportunities in the development of personalised medicine Counterpoint: As inflation kicks in, a reappraisal of portfolios will follow 26 Bonhill intelligence: Sentiment in European equities continues to slip as more fund selectors look to stock up on liquid assets 28 Contrarian: Higher commodity prices could prove a boon for some well-positioned frontier market countries 32 Fund manager profile: Seb Jory explains how his Tellworth UK Select fund achieves capital protection with shrewd long/ short selection and smart proprietary screening Continued on page 5 18 20 Companies & markets: HSBC suspends its responsible investment head, while Ninety One’s AUM surges 21 Economic summary: US inflation is hotter than expected and the European Commission unveils a €924m defence fund HOW THE FAANGS LOST THEIR BITE The acronym looks set to follow in the inauspicious footsteps of the Brics and Nifty Fifty THE LONG AND SHORT OF IT Tellworth’s Jory talks avoiding a ‘cookie cutter approach’ and looking closer to home Pages 32-35 Slow and steady wins the investment race, says Mirabaud’s Applin, not a flashy display Pages 36-39 PUTTING IN A SHIFT ‘ACTIVE MANAGEMENT IS HARD’ Talented investment professionals are scarce and precious, says Pinnacle’s Macoun Pages 42-45 On the cover: As a rotation out of Faang stocks gathers pace, the debate around whether they can rebound hots up. See page 22 for the full story. ‘ THE ERA OF REAR-VIEW MIRROR INVESTING IS OVER’ Chris Metcalfe , chief investment officer, Iboss Asset Management June 2022 | www.portfolio-adviser.com PAGE 40 www.portfolio-adviser.com June 2022 Portfolio Adviser 3
Portfolio Adviser Portfolio Adviser Magazine June 2022: Page 3
