M&G's French: Last year I felt like hiding under my duvet

M&G's Graham French has told investors last year was one of the toughest periods of his career as his fund underperformed amid a torrid time for commodities.

In a candid admission, the manager of the group's Global Basics fund said during 2012 there were some days when he "felt like putting your head under a duvet and not getting up in the morning" as areas he avoids rallied strongly. "My money is in this fund, my parents' money is in this fund, and it's never nice to report underperformance, so we apologise" he said. "The last 12-18 months have been challenging as we have seen a rotation into technology, financials, and areas like pharma," he said. "That is one reason why we underperformed the world index over the last year." However, ...