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Investec UK Special Situations

Elite Rated by FundCalibre

The Investec Special Situations fund aims to deliver capital growth by investing in unloved UK companies that the manager believes are undervalued. The portfolio has been managed by Alastair Mundy for more than a decade and has delivered outstanding returns for investors.

Company Description

Investec Asset Management was established in 1991 and is jointly owned by Investec (85%), a South African financial services conglomerate, and a consortium of 40 senior employees (15%).

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Fund Manager

The fund is managed by Alastair Mundy, supported by a team of nine investors. The team have a reputation for rigorous analysis and tenacity when dealing with company management, evidenced by the huge amount of time spent researching each holding before investing. When not investing, Alastair enjoys football and tennis.

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We like to look in other people's dustbins for ideas. Every now and then we will find something of value that has been discarded.

Alastair Mundy - Fund Manager

The Investment Process

The investment process is best described as contrarian. The team seek to exploit the ‘herd’ mentality of capital markets by investing in UK companies that are both unloved and undervalued. These companies are seldom out of favour for ever and can generate strong returns as they are rehabilitated.

Risk

The fund has been a little less risky than the UK stock market, reflecting the unloved nature of the underlying portfolio. This makes it somewhat harder for the fund to outperform in strong market conditions.

Our Opinion

Alastair Mundy has a well-earned reputation as one of the most disciplined and successful contrarians operating in the UK market today. His approach tends to be especially successful during turning points in investor sentiment when investment fashions change.

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