Doel blames poor performance on sector calls

F&C's 25-stock fund manager Phil Doel is blaming sector calls for weak performance on his best ideas...

F&C's 25-stock fund manager Phil Doel is blaming sector calls for weak performance on his best ideas portfolios. His UK Select Trust's NAV fell 16.2% over six months to 30 June compared to a FTSE All-Share decline of -11.2%. Over three months to 28 July, Doel's open-ended UK Opportunities fund is down 13.8% against a UK All Companies sector average of -10.2%, according to Morningstar. The manager uses a focused strategy, with both portfolios made up of 25 equally weighted holdings. Doel attributes much of the underperformance on his closed-ended vehicle to a holding in Findel, which...