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SEEMA SHARMA the SLUMDOG SECRET MILLIONAIRE 02 | the Investor Thethe Investor Investor | |07 03 ISSUE 65 INVESTMENT NEWS FOR CLIENTS OF ST. JAMES’S PLACE WEALTH MANAGEMENT SPRING 2010 SEEMA SHARMA THE SLUMDOG SECRET MILLIONAIRE 02 | The Investor TheThe Investor Investor | |07 03 CONTENTS Welcome Welcome to the latest edition of The Investor. With a general election bearing down on us, this issue has a more political theme than usual. ‘All politics is economics’, someone once said, 10 06 and we asked David Smith, economics editor of The Sunday Times, for his views on the public finances following each of the three most likely electoral outcomes – a Conservative victory, a Labour victory and a hung parliament. You can read his response in our Analysis section. Whatever the result, all are agreed that we are heading into an era of higher taxation. Indeed, there are a number of new taxes announced over the past 12 months that came into effect on 6 April. Given this, it is important that you plan carefully if you want to minimise the tax you pay. In Looking Ahead, we outline some of the ways in which you can plan your financial life with greater tax-efficiency. Forecasting electoral winners and losers is meat and drink to Stephan Shakespeare. His polling organisation, YouGov, has a reputation for judging the public mood with pinpoint accuracy and, in The Interview, he explains how they do it. Finally, a word about some new investment opportunities that we are launching on 6 April ourselves. We will cover these in more detail in the next edition of The Investor, but in the meantime if you’d like more information, please speak to your St. James’s Place Partner. I do hope there will be lots here to interest you. 08 12 14 STOCKPHOTO/GETTY/MARTYN GODDARD/DAVID HARRISON/TIM O’SULLIVAN i 08 04 It’s in the Diary... 12 The Interview A day in the life of a fund manager Stephan Shakespeare explains why 05 Investor News political polling is good for business Corporate strength; technology stocks 14 My Money 06 Analysis Seema Sharma on funding her charity Sir Mark Weinberg How would the general election work and dentistry companies Chairman, Investment Committee, winners tackle Britain’s budget deficit? 15 Back to Basics St. James’s Place Wealth Management 08 Profile Absolute return funds Meet the new recruit to the St. James’s 16 Looking Ahead Place Investment Committee How to be more tax-efficient 10 Why Should I Care About… amid rising tax rates ...Japan? 17 Fund Update 11 The Issue Your guide to the performance The rise of retail fund sales of St. James’s Place Funds 15 For further information on any of the articles in this issue of The Investor, please contact your St. James’s Place Partner 04 | The Investor The Investor | 05 IT’S IN THE DIARY... A TYPICAL WORKING DAY IN THE LIFE OF A ST. JAMES’S PLACE FUND MANAGER INVESTOR NEWS George Luckraft AXA Framlington The CEO and finance director of a Meeting with CEO of Colliers CRE, 08h30 Malaysian web hosting company arrive 14h30 commercial property consultants, and The dividend cuts were for a meeting, together with their London stockbroker. a representative of their new 29.9% shareholder, deeper than in previous recessions because of the nature of the The company is listing in London and wants us to buy the Firstservice Real Estate Advisors, the Canadian affiliate crisis. Credit had dried up and companies worried about access shares, so this is a sales pitch. I had looked through the of the company’s international network. They talk to capital – and one easy way to get more capital is to cut the prospectus earlier and they have a good growth story, but generally about how they will work together and about dividend. But the same companies also cut costs and capital I always wonder why these companies don’t float in their commercial property, which has had a torrid time. expenditure aggressively, which is now paying off. In the latest home market first. I choose not to participate. Interestingly, while banks held off repossessions during reporting season, 2009 profits showed a broad return to health. the worst of the recession, they are now starting to act on There is research suggesting that free cash flow levels – cash 09h30 Spend a couple of hours looking at what’s covenant breaches. Commercial values have bounced flow after capital expenditure but pre-dividend payment – happening in the market, and reading and sharply, particularly in London, and rentals in the City are now as high as they have ever been. A modest revival in responding to emails (I get 250 to 300 on an average day). are rising once again. Every emerging market bank wants ‘corporate activity’ – mergers and acquisitions, in other words – There are quite a few company results today. I need to see a London location, apparently. suggests that balance sheet repair is complete in some areas. which shares are moving and why, and whether they will Economic conditions are somewhat better than most would have any effect on our portfolios. Visit from a team of stockbrokers’ analysts Corporate comeback have expected 18 months ago, though risks to the economy 15h30 to hear their latest stockpicking ideas. remain. Any government failure to deal with the national debt Meeting with the outgoing CEO and the One possibility is Provident Financial. It specialises in It’s not all bad news for Britain’s economy – and repair its own balance sheet could unsettle the gilts 11h30 CEO-elect of London Capital Group, a mezzanine capital for private equity, which is now showing market. It also needs to exit its economic stimulus programme companies are starting to show healthy profits spread betting and foreign exchange group. We hold the more signs of life. The shares offer good yields and I like the without tipping the economy back into recession. Inflation stock in our St. James’s Place portfolios. The company management, but there may yet be more downside. I will orporate Britain is emerging from the credit could become more of a menace. had a tough year in 2009 and its shares suffered after two keep it on my radar. crunch and recession in surprisingly good shape. ‘But it’s wrong just to look at the negatives,’ says Nick Purves profit warnings. One of these announced the discovery of There are those who believe that the trend of of Schroder Investment Management. ‘Even if the economy accounting errors and the other warned that the lack of Session with the CEO and finance director improving corporate profitability can continue, did fall back into recession, the long-term valuations of many market volatility would adversely affect their profitability 16h30 of Devro, the world’s largest maker of Ceven if GDP growth remains subdued. companies are unlikely to be badly affected.’ – when markets are trading in a steady range it’s easier to sausage casings. They are enjoying growth as emerging Since the credit crunch began in the summer of 2007, Purves believes that worries about the strength of consumer make winning bets on where it will go. The company markets consume more protein and as nations that have UK corporate profits have suffered miserably, falling by an demand underestimate the degree to which companies have White gold and didn’t pay a final dividend. This year has started better, preferred natural gut casings, such as Japan and estimated average of 50%. That’s the largest decline that cut costs and restored their balance sheets. ‘It’s possible that diamond salamander with a burst of volatility and promising new customer Germany, start switching to collagen, which is easier to most can remember. Dividend payments in 2009 reflected corporate profitability will continue to improve, even if GDP brooch from jewellers sign-ups, and the CEO says the dividend will be restored run at speed through sausage-making machines. The the gloom and were some 30% down on the year before. growth is sluggish,’ he says. Theo Fennell this year. On that basis, I add to our holdings. company raised its dividend last year for the first time in four years and it still looks well set for 2010. Sandwich and a glass of wine at a 13h00 presentation in a City wine bar, hosted by Tie up loose ends and prepare for SECTOR SPOTLIGHT basis of once-bitten, the Nasdaq index still Software companies are a likely bet. Unlike Theo Fennell, the jewellers. They were badly hit by the 17h30 tomorrow. Receive daily email from stands at less than half of its former peak. hardware, which is more cyclical, software is recession and the retired founder, Theo Fennell himself, St. James’s Place, detailing the latest cashflow into Technology One beneficial result of the collapse was focused on improving productivity. So when recently returned as creative director. Lots of expensive their funds. I always look at it very closely, as it that it washed away those poor quality times are rough and businesses need to jewellery is sitting on the wine bar table, underlining the tells me how much money I will have to invest the companies that had floated on the promise sharpen up, they are more likely to spend fact that the company’s net asset value is backed by the following day. I shall be looking for growth rather of making money in the remote future. Those on software than on capital equipment. value of its jewellery stocks. The business is back on track than cyclical companies, with strong balance sheets It’s ten years since the dot.com bubble finally that have survived are, for the most part, Micro Focus, a stock held by Andrew now and is raising funds which qualify for Venture and strong management, who under-promise and gave us the dot.com bust.
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