Legget looks long term on UK construction

Standard Life's UK Equity High Alpha manager sees neglected UK housebuilding industry yielding long-term benefits

The unloved UK housebuilding industry remains a compelling long-term investment story, according to Standard Life's UK Equity High Alpha manager Edward Legget. Legget took over the fund from Wesley McCoy in 2006 so the latter could concentrate on his UK Equity Unconstrained vehicle. The vehicle has returned 58.4% over three years to 14 January, placing it 26th in the UK All Companies sector. Over 12 months to the same date, however, it has lost 2.1% compared to the average 1.3% gain. Since the handover, the fund's investment process has not changed, and it remains a FTSE All-Sha...