Equities

Disconnect between stock markets and equity returns

Funds available in UCITS structure

Managed by head of equity investment Wildgoose

Fearful of valuation divergence

Alastair Mundy, portfolio manager of the Investec UK Special Situations fund, warns against complacency in expecting flagging companies to bounce back immediately.

Two new managers appointed

Profits also up on 2014

Cut equity exposure

Back in black for first time since April

Reduced number of stocks to increase conviction