November 2017

November 7, 2017

An early and ongoing supporter of the Kennox Strategic Value Fund, Angus Tulloch has served on our Advisory Panel since its inception. Angus confirmed his recent retirement from First State, where he headed the Asia ex-Japan Fund and the panel took the opportunity to ask Angus for his thoughts and lessons learned over his highly successful career. Here are a few of the highlights:

Managing a Portfolio – Lessons learned

  • Run your portfolio as you would your own money
  • Learn from Ups and Downs
    • Run your winners and cut your losses
    • Ask “What’s our biggest mistake in the last x months?”
    • Don’t get emotionally involved with your stocks
  •  Team Culture – encourage constructive challenge within the team

The Industry – What needs to be changed?

  • Re-focus on longer-term investment
  • Independent product reviews
  • Broader employee intake – i.e. wider diversity (socio-economic; gender; education)

If you are just starting out…

  • If you started post-2009 remember that it won’t be nearly as good as it has been – this period of stock market growth has been unprecedented
  • The culture of a firm you are joining is very important, more important than what you are earning
  • Competence and integrity are both essential

Charles L Heenan, Investment Director at Kennox, was a member of Angus Tulloch’s team before launching the Kennox Strategic Value portfolio with Geoff Legg.

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