
Highlights from presentation by Leon Howard-Spink, March 4, 2014. There are three certainties in life – death, taxes and fund manager under-performance. The third is neither to be feared nor seen as an indictment against active funds management. It is during periods of under-performance that a fund manager shows steel or “courage under fire” as I refer to it. Leon Howard-Spink does not shrink from his recent difficulties at Schroder. He explains his attribution calmly and with an assurance that suggests his central stock picking tenets remain intact. To his credit, not only does he understand and thoroughly articulate his portfolio positioning, he has recognised there