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
"Whereas our ability to exclude noise in assessing...