Fund managers diary
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Neil Wilkinson is the manager of the Royal London European Growth fund. His diary runs from January 30 to February 5.
Monday: I start the week with an analyst meeting on the shipping sector. I have no holdings in the sector, so I am interested to hear the broker’s argument for investing there.
Later I take the opportunity of a free lunch hour to go for a run. The Reading half-marathon is only two months away and I am behind my training schedule. In the afternoon I go to the weekly equity team meeting, at which we discuss our views and recent trades.
Tuesday: Another analyst meeting first thing, this time on the chemicals sector, and then I prepare for a company presentation by Phillips. I always place a high degree of importance on meeting company managers, as it gives me the chance to question them in greater detail. It also helps me make a judgement on the confidence in their outlook through the tone of the meeting. In the afternoon the senior management of RLAM update all the staff on the company’s performance in 2011 and their outlook for 2012. I only joined RLAM at the beginning of the year so it is helpful to hear how different parts of the business are doing. I make it home in time to catch the end of my daughter’s birthday party with her classmates from school. She has patiently waited all day for her presents and is delighted with her bicycle, even though it is a touch too big for her.
Wednesday: Meet our sales team for the first time and introduce them to my investment approach and process. My presentation prompts a range of questions and inevitably the political and macroeconomic challenges facing Europe are at the front of everyone’s mind. Despite these ongoing concerns I have become more bullish, thanks to some supportive leading indicators and a European market that looks cheap relative to the rest of the developed world. (Diary continues below)
Thursday: A busy day for company reports and I spend the morning reading press releases and assessing analysts’ estimate changes. Before another company lunch meeting, I have the monthly fund performance review with our head of equities. My fund has had a decent start to the year, with an overweight position in autos contributing positively to performance in January. In the afternoon I attend the weekly economics meeting, where we discuss the trend for improving leading indicators. All eyes are on the American employment data due on Friday. Despite the sub-zero temperatures I venture out in the evening for a game of squash.
Friday: Another analyst meeting this morning, with the oil services sector today’s focus. The outlook for the sector appears to be healthy, given the high capital expenditure plans by the oil majors. Ahead of the meeting I already had a fresh idea in mind, and my positive view was confirmed by the analyst. I see another company at lunchtime and return to the office to find the market is continuing its recent rally, buoyed by more strong American data. The market finishes the week at its high.
Saturday: Today offers a proper opportunity to celebrate my daughter’s birthday. We take her and a group of friends on the train to London for a pizza followed by a trip to the theatre to see Mamma Mia. They all have a wonderful time and the day is topped off when we arrive back at our local station to freshly falling snow.
Sunday: A quiet day at home. The overnight snowfall has been just right – enough for my children to make a snowman in the garden, but hopefully not so much that the trains will be affected on Monday morning.
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