Darwall offers apology for Wirecard after 'disappointing' share price performance

'We won't have such a big holding in an individual stock again'

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Alexander Darwall, chief investment officer at Devon Equity Management
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Alexander Darwall, chief investment officer at Devon Equity Management

Alexander Darwall, manager of the European Opportunities Trust, has apologised to investors for having too much in payments company Wirecard, but confirmed he remained "confident about their business model".

Speaking to Asset TV in a video posted on Devon Equity Management's website, which is the fund house Darwall set up last year, the manager said Wirecard is no longer 17% of the portfolio, adding that "it's had a torrid time, so it's worth less than that". The latest portfolio breakdown shows that Wirecard remains the largest holding in the investment trust but has been reduced to 10.8% of assets, following reports of an accounting scandal at the company. Darwall departs Jupiter to set up Devon Equity Management In the Asset TV interview, Darwall said: "Wirecard essentially it got w...

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