“We aim to buy stocks that are trading on a discount to their intrinsic value. This coupled with a keen eye on risk versus reward results in a portfolio of mispriced stocks with a blend of economic exposures. The key to long term out-performance is selling these stocks when they hit our price targets and swiftly moving on to the next opportunity. There is the world of difference between a good company and a good stock. We don’t endeavour to provide long term capital to companies, but instead focus on delivering performance for the client.” Neil Veitch, Manager SVM UK Opportunities

Neil has managed SVM UK Opportunities since January 2006 experiencing unprecedented market conditions over the period. Despite having an excellent track record extending back to the mid nineties he cites the turmoil of 2008 as his biggest learning experience and is convinced he is a better fund manager as a result. The Fund finished 2009 number 1 in the IMA UK All Companies sector.

Having performed well in 2009, Neil will look at the outlook for UK Equities given the challenging economic backdrop, discussing the opportunities and possible threats. For UK Opportunities Neil is looking to hold only the most compelling stock ideas at any one time, composing a portfolio which is balanced in terms of the stocks’ underlying economic drivers. He can invest across the market spectrum, though in practice the portfolio tends to be overweight small/ mid cap as this is where the market ineffi ciencies are greatest. Neil’s thorough fundamental analysis identifi es stocks that are trading at a discount to their intrinsic value, using his own projections and metrics to place a target price on each stock. In the absence of material changes in the outlook for the stock he will exit positions when that target is reached.