US small-cap manager Hench: Our biotech underweight has hurt us tremendously
Why has performance suffered this year?
Bill Hench, manager of the Legg Mason Royce US Small Cap Opportunity fund, has blamed an underweight in biotech stocks and his value-oriented investment style for this year's underperformance.
The $700m (£454m) fund is down 4.1% over the year to 2 November, according to FE Trustnet, versus the IA North American Smaller Companies sector average return of 3.8%. Hench (pictured) said the fund’s...
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