JOHCM's Marsden produces rare positive one-year return in Europe

JOHCM's Rod Marsden has generated a rare positive return among European funds over a year by overwei...

JOHCM’s Rod Marsden has generated a rare positive return among European funds over a year by overweighting utilities and oil & gas while underweighting financials. The fund, which reopened in February after two years of soft closure, produced 0.93% bid to bid against a Europe ex-UK sector average of -1.35% over 12 months to 31 March according to Morningstar. “Strong performance came from two of our two oil services holdings, Saipem and Prosafe,” Marsden said. ”We purchased Saipem recently due to the quality of its order pipeline and its proven execution capabilities as shown by the st...