Mundy blames poor equity calls for fund's weak returns in 2007

Alastair Mundy has apologised for poor performance on his £1.3bn Investec Cautious Managed vehicle o...

Alastair Mundy has apologised for poor performance on his £1.3bn Investec Cautious Managed vehicle over 2007, promising a turnaround this year. He gave five key reasons for last year's underperformance, with the fund ranking 81 out of 86 in the Cautious Manager peer group over 2007. In 2002 and 2003, the fund reported top-quartile results, which the group said is representative of its ability to preserve capital in market downturns. Mundy said he was basically in the wrong equities over 2007. Most damaging were his lack of exposure to runaway mining stocks and a small weighting in p...