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L&G UK Alpha Trust

Elite Rated by FundCalibre

Straight-talking Yorkshire-man Richard runs this market capitalisation agnostic fund by looking for bargains in all corners of the market, particularly the where he believes it is inefficient. Richard aims to provide long-term growth within the UK All Companies sector, and in part due to his enthusiasm for buying good stocks early, usually does just that.

Company Description

Legal & General Investment Management (LGIM) was founded in London in 1836, and today has more than 3,100 clients, making them one of Europe’s largest institutional asset managers. They have built a highly successful business, providing expertise across asset classes including equities, fixed income, commercial property and cash.

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Fund Manager

Richard is, by his own confession, a tight-fisted Yorkshire-man when it comes to his investments. He likes to find a bargain, and over his 10+ year tenure at L&G has proven very able at doing so. He began investing at 15, but his background is actually in engineering, explaining his enthusiasm for technology holdings.

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I like companies that grow but I like a bargain, I’m a Yorkshire man after all.

Richard Penny - Fund Manager

The Investment Process

Richard is looking for a combination of growth and recovery stocks. He meets around 250, mostly un-loved companies, a year, looking for stocks that he expects to double in value over three years. He firmly believes that in order to beat the market, he must focus away from the herd and one of the ways he does this is by concentrating on AIM and small-cap stocks.

Risk

The fund has traditionally been more volatile than the UK stock market. Richard favours clever tech firms, which may increase volatility. Nonetheless, he picks more winners than losers. Due to a large portion of the portfolio being invested in AIM and small-cap stocks, this fund is more risky than most UK funds.

Our Opinion

Run by a manager with a lifelong passion for investment, a calm confidence in his stock-picking, and the track record to back it up, the fund has proven rewarding for adventurous, long-term investors. This is a fund for those who want growth and are willing to accept some volatility to get it. It is very different from most UK funds.

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©2014 FundCalibre Limited. All Rights Reserved. The information, data, analyses, and opinions contained herein (1) include the proprietary information of FundCalibre, (2) may not be copied or redistributed without prior permission, (3) do not constitute investment advice offered by FundCalibre, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a fund, and (5) are not warranted to be correct, complete, or accurate. FundCalibre shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. The Elite Fund rating is subjective in nature and reflects FundCalibre’s current expectations of future events/behaviour as they relate to a particular fund. Because such events/behaviour may turn out to be different than expected, FundCalibre does not ,guarantee that a fund will perform in line with its FundCalibre benchmark. Likewise, the Elite Fund rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund or of its underlying securities and should not be used as the sole basis for making any investment decision. FundCalibre disclaims any responsibility for trading decisions, damages or other losses resulting from any use of the Elite Fund rating.