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Gary Shepherd Editor
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E gary.shepherd@lastwordmedia.com
Gary Corcoran Group editor
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E gary.corcoran@lastwordmedia.com
Esther Armstrong Senior online
reporter
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E esther.armstrong@lastwordmedia.com
James Smith, Cherry Reynard
Contributors
Stephen Grasso Head of
production
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E stephen.grasso@lastwordmedia.com
Dean Andrews Production editor
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E dean.andrews@lastwordmedia.com
Dylan Emery Editorial director
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E dylan.emery@lastwordmedia.com
Daniel Gilmore Head of sales
and events
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E daniel.gilmore@lastwordmedia.com
Tammy Shephard Sales executive
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E tammy.shephard@lastwordmedia.com
Emily Proctor Head of event
operations
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E emily.proctor@lastwordmedia.com
Keeley Parsons Circulation
manager
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E keeley.parsons@lastwordmedia.com
Jamie Hinchliffe Publishing director
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E jamie.hinchliffe@lastwordmedia.com
Rod Boulogne Managing director
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E rod.boulogne@lastwordmedia.com
www.portfolio-adviser.com
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Round up
4-9
News analysis
A summary of all the news of the
past month including fund launches,
manager moves and manager
comment on hot investment topics
10
Counterpoint
Independent thinker Roger
Nightingale takes a historic look at
the relationship between the UK and
its cousins in Europe, explaining why
it has rarely been good, and why the
UK has usually been in the minority
and usually been right. He also calls
for a general election or at least
a referendum on the future of the
country in Europe
10-11
Economic summary
With the vast amount of economic
data and analysis being created every
day, it is sometimes useful to step
back and survey the whole situation.
The PA Economic Summary gives
a snapshot of all the major macro
news coming out of the biggest
markets in the world
Event round up
12-13
PA Expert Investor
Europe
The Portfolio Adviser Expert Investor
Europe event held in London saw
fund managers from BlackRock,
Invesco Perpetual, Lazard and BNP
Paribas giving their interpretation
of what and where the investment
opportunities are in Europe
Profiles/Analysis
16-17
Investment strategies:
UK domestic
UK investors like a domestic focus
for their investments in times of
trouble, but the oft-quoted statistic
about the level of overseas earnings
from FTSE-listed firms means they
end up with global equity exposure.
James Smith takes a look at how a
true domestic focus can be achieved
18-19
Wealth manager profile:
Simon James
Simon James is one of the four
founding partners of Gore Browne.
He talks Gary Corcoran through his
investment views as well as how the
company aims to treat every client
as an individual, rather than trying
to shoe-horn them into narrowlydefined
model portfolios
20-21
Viewpoint:
Retail Distribution Review
With RDR less than 12 months away
from implementation, Gary Shepherd
asks what is stopping fund managers
from dotting the Is and crossing the
Ts, given wealth managers seem to
be way ahead of the game. He finds,
perhaps unsurprisingly, the FSA
is behind most of the delays
22-23
Fund manager profile:
James Inglis-Jones
In direct contrast to almost every
other active fund manager’s approach,
Liontrust’s James Inglis-Jones,
alongside co-manager Gary West,
does not eyeball or talk to any
company management. He explains
to Gary Shepherd how he manages his
funds from a desk in Devon by poring
over company report and accounts,
without even speaking to brokers
Portfolio Builder
26-27
The PA Manager
Sentiment Survey
Every month, Skandia asks 23 of
the biggest fund managers what
their 12-month outlook is on the
most popular sectors. From that
we have created a unique database
that tracks the ongoing changes
in the consensus of the industry,
mapping a forward-looking
12-month view against current
index performance
28-30
Fund selector:
High yield bond funds
Looking ahead, Investment Quorum’s
Lee Robertson says the outlook for
high yield bond funds depends
a huge amount on a resolution to
the eurozone crisis. In terms of fund
selection, here he gives his views
on the biggest, the best and the
newest in an attempt to predict
those that will do well in a hopefully
new environment in 2012
31-32
Asset allocator:
Berry Asset Management
Berry Asset Management has
gone through a series of very
senior management changes in
the past couple of years but the
company now has a settled team,
allowing it to be more proactive
with clients and non-clients alike.
Chief investment officer Mark
Robinson talks Gary Shepherd
through how he aims to meet his
clients’ main need of protecting
capital while not succumbing to
the often false attractions of
perceived safe havens
2 PORTFOLIO ADVISER [www.portfolio-adviser.com] JANUARY 2012
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