Nomura's Wildgoose left in 'great position' to buy through Covid-19 crash

Took profits in February

After "selling quite a lot" of stocks that were "approaching, at or slightly above what we estimated as their fair or intrinsic value" during January and February, the Nomura Global High Conviction fund proceeded to buy most back at rock-bottom prices as the coronavirus crisis led to steep share price falls.

Manager Tom Wildgoose said his $23m fund had been "left in a great position" as stockmarkets across the world began to tip into bear-market territory amid increasing concerns over the impact of Covid-19. Many equity markets, including the US blue-chip S&P 500, had peaked at all-time highs by 19 February, as 2020 began in a bullish mood. However, the subsequent declaration by the World Health Organisation that Covid was a pandemic, and the ensuing lockdowns implemented by governments led to heavy losses. The broad MSCI World index slumped by a quarter over the following month. Manag...