Pratt fund plummets after strong start

UK Opps fund fails to maintain performance of first year, falling to bottom of peer group

Glen Pratt's Melchior UK Opportunities fund has plummeted to the bottom of the UK All Companies sector over the last year after a strong first 12 months. The manager attributes this change of fortune to his small-cap overweight and a zero position in mining. Pratt's 60-stock fund outperformed for its first year since launch in May 2006, when smaller companies were rallying. It failed to maintain this as Pratt continued to back companies lower down the cap scale and this end of the market struggled against larger stocks. Over 12 months to 26 May, it posted a loss of 24.1% bid to bid,...