RICHARD BULLAS IN FOCUS: SPIRENT COMMS

Spirent Communications is at the forefront of new internet technology and cybersecurity.

It is getting a boost from the heavy investment in 5G mobile networks by governments around the world. This may be accelerated as more people work from home and require more data. We have owned the stock for about a year, during which the share price has risen from 150p to about 250p.

way to do that is by preserving cash rather than handing it out to investors.

WHAT HAVE BEEN YOUR BEST AND WORST INVESTMENTS?

The best was Avon Rubber. It’s now a FTSE 250 company but we bought it eight years ago when it was still very small. It makes personal protection equipment such as respiratory masks. We’ve made almost nine times our money since we first bought it.

My worst was buying Patisserie Valerie in 2018 when I was managing a smaller companies fund. It was suspended from the stock market and eventually went into administration. We lost our entire investment.

DO YOU INVEST IN THE FUND?

Yes, I’m invested in my own and a number of Franklin Templeton funds.

HOW ARE YOU PAID?

I get a basic salary plus a yearly bonus based on my own performance and that of the fund. The bonus is made up of a cash lump sum, units in the fund and shares in Franklin Templeton.

WHAT WOULD YOU HAVE BEEN IF NOT A FUND MANAGER?

I would have loved to fly around the world in a fancy uniform. I applied to become a pilot but didn’t make the cut.