Cautious approach will pay off

Brandywine MD believes recent corrections have not solved core economic problems

Paul Ehrlichman is MD of the US-based Brandywine, which runs equity vehicles for parent group Legg Mason. The latter added a Global Equity vehicle to its Dublin range last year, based on Brandywine's long-established value style. Ehrlichman said he takes a cautious approach on the portfolio, suggesting that while investors may not make as much money as in other vehicles, they do not stand to lose as much. Global Equity is benchmarked against the MSCI World Net Dividends Index, and currently holds 74 stocks. It is heavily invested in the US (39.80%) and UK (11.6%), and also in Japan, Fra...