Coming off the back of their worst-ever year, Stuart Roden
and Peter Davies - co-managers of the big Lansdowne UK fund,
which is soon to be renamed as the Lansdowne Developed Markets
Fund - remain sanguine about prospects for their core holdings
and their investment strategy in spite of the difficult market
conditions and the fund's poor performance in 2011.
Beginning a detailed and insightful December newsletter with
an apology to their investors for the fund's 20% loss last year
- which marked its only significant down year in more than 10
years of otherwise spectacular performance - the pair admitted
that the dominance of political and macro events in 2011 had
taken them by surprise.
"Whereas our ability to exclude noise in assessing...