QUESTOR THIS WEEK

SUNDAY

Markets warming to its defensiveness

TUESDAY

Also covered: DS Smith (hold at 372.1p)

WEDNESDAY THURSDAY

‘Skin in the game’ concept examined

FRIDAY

We sold shares in Ashmore, an emerging markets fund management company, because the business had done well and the shares had increased in value. We now think the market has found the right price, so we’re out.

We look at both share price and yield. For example, if the share price goes down and the yield goes up, it is not always a reason to sell. It could even be a case for buying more.

That would be Carnival Cruises, the world’s largest cruise company.

We bought the shares when they were cheap as there was a lot of competition in the sector and profits were weak. But we noticed that an

£1,000 invested in 1995 would be worth £5,958 today

increasingly small number of ships were being built, so the market would inevitably tighten. Supply of cruises diminished and demand increased. Our shares went up from £21 to £52, where we sold to make a tidy profit.

AND YOUR WORST?

Centrica, the owner of British Gas. We had a big investment and thought its scale would give it an edge. But we didn’t anticipate government policy and energy price caps.

Smaller suppliers, which didn’t have to pay green levies, were able to offer much lower prices. There was no risk for customers who switched, as they were protected if the firm went bust. We lost half our money: we bought in at between £2 and £3 and sold at around £1.40.

DO YOU HAVE YOUR OWN MONEY IN THE FUND?

Most of my savings go into Merchants, including some of my pension.

HOW ARE YOU PAID?

I get a salary and a bonus based on how well the fund is doing, which is deferred for three years.

WHAT WOULD YOU HAVE BEEN IF NOT A MONEY MANAGER?

A maths teacher.