Richard Buxton > Philip Matthews, Schroder
Looking at the short-term performance on the Schroder UK Alpha Plus fund one might take some comfort as Philip Matthews rounds off his first year having replaced such a heavyweight manager as Richard Buxton. The UK All Companies sector is a vibrant area for investment, and Mr Matthews certainly has a very strong fund to take forward and apply his own approach to continuing the fund’s success story.
This I believe is another example of looking at the fundamental qualities of the fund and not taking a knee-jerk reaction and following the previous manager – even one as supremely capable and successful as Mr Buxton.
Key points
Asset allocation is without doubt the key determinant for the success of any portfolio.
The fund manager has a significant impact, negative or positive, when they either retire, move companies or die.
Advisers need to keep an objective view on things when personnel changes take place.
