Investment Week speaks to manager of the TM CRUX European fund James Milne about how he has been navigating market turmoil this year, how the current crisis compares to the 2008 collapse and what it is like managing money from the comfort of his home.
You managed money in 2008. How does the current crisis compare?
The big difference between now and 2008 - and it is easy to say this with hindsight - is that there was that feeling of a looming and building recession.
In 2007 there were some warning signs; the property market was overheating a bit in the US and some banks started warning. It was a much longer period going into it.
This time, obviously, has been extraordinary - the fact that it all just happened in a month. Everything sold off.
There is a chance the entire world will change irrevocably after this. What changes do you envisage and how could these play out across stocks in your portfolio?
There are not many stocks in our portfolio which are in the initial at-risk categories because most of our themes - technology, payments, semiconductors - are benefited from the move towards more working from home, for example.
There are also beneficial trends for our health stocks.
How have you found running the fund from home?
It has worked out quite well. All the IT is up to speed, all the screens and trading stuff from Bloomberg is working. So that is all you need, my desk is like being in the office.
The only thing I miss, really is the opportunity to meet management. On Zoom, for example, it can be a little bit stilted so it can make things a bit trickier.
But we can still have all our meetings virtually so that actually does not seem to be a big deal.