Fund Managers Diary

10 August 2009

Jason Britton is a fund manager at T Bailey. His diary runs from July 26 to August 1.

Sunday Rachel, Harry (six) and I visit York Maze and cut through 1.5m maize plants over an area 15 times the size of Wembley. Eventually we find our way out to enjoy the other attractions. On the way home Rachel spots a retail village and Harry and I are dragged around the shops. Late at night I slip out to the garden to round up snails from my vegetable patch – torch strapped to my head, bucket in one hand, snail-catching device in the other. Shops visited: 22. Snails found: 12.

Monday In the office working with the team on fund research. Our usual review of the markets, funds and holdings as well as catching up on each other’s movements and work. The recently bolstered team is working well and the new improved quants screen is the focus this week. Having hired Mark Wright from Williams de Broë, we have combined his skills and analysis with Elliot Farley’s own algorithms that make Enigma resemble beginner level Sudoku. The rest of us reach for the coffee and ibuprofen. FTSE 100: up 0.21%. Snails found: 23.

Tuesday I usually go to London on Tuesdays to see fund managers. It’s a 5.15am alarm call, 6.18am train from Grantham, 7.30am arrival at King’s Cross and 215 bus to the City. I jump off (and on again) at Old Street for breakfast at Jamie Oliver’s Fifteen restaurant – an oasis of calm. Not only do they serve great food, but free Wi-Fi and a warm reception makes one feel very much at home. Later, Elliot and I meet with Richard Martin and Michael Hughes, a recent addition to the T Bailey board, to discuss the present and future of the world’s capital markets. FTSE 100: down 1.25%. Snails found: nine.

Wednesday We report on the performance of the T Bailey Growth fund to the family behind T Bailey, as we have done each quarter since launch in 1999. Lots of good news.

Performance has been strong – I cannot say how strong as the risk warnings would take up all of my word allowance – and we have just announced an investment by the family to grow T Bailey. This has allowed us to hire Philippa Gee as head of sales, marketing and communication, a dedicated CEO (to allow me to focus on investment 100%) and a planned expansion of the fund range. Lots of positive news to celebrate. FTSE 100: up 0.41%. Snails found: 17.

Thursday A day catching up on research, emails and the news. We discuss the merits of continuing our exposure to Brazil, where we have made a lot of money this year, and introducing more commodity exposure via ETFs (we believe commodities are currently the best inflation hedge). FTSE 100: up 1.85%. Sales calls avoided: four. Snails found: 12.

Friday Normally an evening to sit down and relax with Rachel, a nice meal and some good TV. With the longer hours that Rachel works these days as a GP, it does not always turn out to be the case. Tonight though I have to work late, writing this diary. Or the first six days of it anyway. “Only 600 words,” Philippa had said. Should have put the risk warnings in after all. The day though is a happy one given the news that we have hired another salesperson – momentum is building. Sales persons hired: one. Snails found: three.

Saturday A day trip to London on the train. Harry and I are off to the Emirates to watch Arsenal’s pre-season match against Atlético Madrid, while Rachel ends the week as she started – shopping. Beforehand though, we call in at Fifteen for lunch where we are well fed and looked after. Emails sent: zero. Snails found: zero. Shops visited (by me): zero. Perfect.

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