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Citywire Verdict: Sanjeev Shah’s contrarian value style was out of favour for much of 2010 and 2011 with value largely shunned in favour of quality. However, since the latter part of 2011 the fund has experienced a strong turnaround, with Shah’s patient and disciplined approach paying off handsomely. His investment in unloved, early-stage cyclicals, such as banks and retailers, has driven much of the outperformance and the manager is currently building his exposure to value opportunities in Europe. Due to the sustained underperformance in previous years we are continuing to monitor the portfolio’s performance, but the recent signs are positive and Shah’s pedigree is excellent.
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1 comment so far. Why not have your say?
David Evershed
Nov 01, 2011 at 12:23
"over the past 18 months Shah has suffered his worst period of underperformance in a decade of active management"
This is the effect known as reversion to the mean.
Where there are a number of fund managers some will do better than others by chance. But over enough time the benefits of chance even out and over performance becomes average - and underperformance becomes average - and the spread of performance becomes less.
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