Murphy on macro versus micro in the UK

Simon Murphy, manager of the Old Mutual UK Select Equity fund, gives Asset TV his view on the micro versus the macro outlook for 2011, and explains how, after a difficult start on the fund, some strong opportunities are starting to come through in the UK's domestic landscape.

Simon, you are coming up to three years running this fund. What have been the main features of it as you look back? Well it has certainly been a rollercoaster ride. I started in around March 2008 and obviously we had a very savage bear market through the latter part of 2008 and early 2009, then we had a very strong rebound through 2009, and 2010 was quite volatile as well. So it has been quite a rollercoaster, but on the whole I am pleased with the way the fund has performed. We are now comfortably ahead of our benchmark and our peer group over the period since I have been running the...