warnock feels outperformance down to overall stockpicking rather than small-cap bias
Over three months to 14 March, Kenneth Warnock's £4m Premier UK Opportunities is among the top 10 best performers in the UK All Companies sector, but not all of this gain was derived from a bias to small caps. Warnock has some 25% of the portfolio invested in smaller companies and 15% in mid caps, and while he admits these positions boosted his performance over the past three months, he attributes more to stock bets within the portfolio. Running the fund without any particular bias to market cap, Warnock said he has been moving around the market a lot with performance attribution coming f...
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