Contrarian stock selection elevates Close Special Sits

Close Special Situations manager Deryck Noble-Nesbitt saw performance skyrocket 102.9% in the last s...

Close Special Situations manager Deryck Noble-Nesbitt saw performance skyrocket 102.9% in the last six months, which he attributes to contrarian stock selection. His other vehicle, the £5.2m Close Beacon fund (invested mainly in Aim stocks) has also shot up by 87.1% to 7 May, against 39.3% for Aim and the Hoare Govett Smaller Companies (excluding investment trusts) Index's performance of 25%. Beacon grew its AUM in the first quarter this year, from £3.9m. Noble-Nesbitt says: "One reason that Special Situations and Beacon have performed well in 2009 is the contrarian approach adopted i...