IN FO­CUS: GAMES WORK­SHOP ‘ HIDE THE SHOPS IN A COAL MINE, GAMERS WILL STILL COME’

The Daily Telegraph - Your Money - - INVESTING -

Games Work­shop, which sells war game fig­urines that hob­by­ists as­sem­ble and paint them­selves, has been our best­per­form­ing stock over the past two years.

We could see some of the suc­cess com­ing, but equally there have been some pleas­ant sur­prises along the way.

The firm was cut­ting its costs by mov­ing shops from ma­jor shop­ping cen­tres to places just off the beaten track. It has also moved from hav­ing mul­ti­ple man­agers at ma­jor stores to just one.

So keen are the peo­ple who play th­ese games that if you put the shop 100ft un­der the ground in an old coal mine, they would still find them. And if there’s a sign up say­ing “man­ager gone for tea, back in five min­utes” they will wait.

We al­ways thought the strat­egy would work, and my word it has. On top of that we have had the de­val­u­a­tion of ster­ling, which has helped. Most of the com­pany’s costs re­main in the UK and it sells abroad.

The firm in­tro­duced a cou­ple of new games re­cently that went down re­ally well with the hob­by­ists and it has started to ac­tively en­gage with the fans on so­cial me­dia, boost­ing its fol­low­ing. fool’s er­rand try­ing to pre­dict what they will do.

There is so much un­cer­tainty around next year that your guess is as good as mine.

The fund’s charge is rather high. Can you ex­plain why?

The charge is 1.23pc, which cov­ers the li­cence to use the Buf­fet­tol­ogy name, out­sourced ser­vices to third par­ties and dis­tri­bu­tion – we re­ceive less than half. Re­mem­ber your Buf­fett: price is what you pay, value is what you get.

Do you in­vest in the fund?

The en­tirety of my pen­sion and Isas, along with my fam­ily’s, is in­vested in the fund – 100pc of my eq­uity in­vest­ing is through Buf­fet­tol­ogy.

What would you have been if not a fund man­ager?

I would have at­tempted to join the Nasa As­tro­naut Corps or worked on the Amer­i­can space pro­gramme.

As a kid I was a space nut and my first de­gree was in astro­physics – rocket sci­ence is not a mil­lion miles away.

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