Lanning: Managers' active share is key part of fund selection

'Managers’ active share is key to fund selection'

Tony Lanning runs J.P. Morgan Asset Management's Fusion fund range. Here he tells Alice Rigby about the most contrarian theme in his portfolios, and why it pays to be obsessive about risk.

Which funds have you bought and sold recently? We are continuing to increase our conviction on Europe, so a key change to our portfolios has been topping up our exposure, which we have done through adding the Wellington Strategic European Equity fund. We wanted exposure to quality growth companies with strong brands. We are not really feeling negative on anything. We have been funding moving into Europe through exiting a little bit of the US and have trimmed a bit of the UK. However, the Wellington fund is around 30% invested in the UK, so we certainly haven’t given up on it. The...