Veitch uses intrinsic value focus to drive returns

Manager of SVM UK Opportunities sells out of winning stocks before they peak.

Neil Veitch has managed the SVM UK Opportunities fund since January 2006. The fund is 24 out of 260 funds in the UK All Companies sector over three years, with performance driven by a focus on valuation, price targets, and catalysts for change. Can you describe your overall philosophy on the fund? We always aim to acquire a company that is trading at a discount to intrinsic value. From there, there must also be an identifiable catalyst for change that will unlock this value. We tend to be contrarian in our approach. Our view on intrinsic value is based initially on a discounted cashf...