Fund Manager’s Diary

Wednesday I attend a company meeting in the morning followed by a discussion with Ian Spreadbury about Fidelity MoneyBuilder Balanced fund, which we manage together. The fund is run quite conservatively compared with its peer group, so we discuss the debt/equity split and how it should be positioned in our range. We decide that further analysis is required from our product specialists. I then go straight into a broker meeting to talk about the financials sector.

Thursday Today gets off to a bad start with a trip to the dentist. I recently had some fillings replaced and since then they have given me nothing but grief.

I make a quick dash over to the other side of London to present to an institutional client. The meeting goes well. I then meet with another broker. His recommendations have been spot-on in the past, and I want to get a better feel for what he does and how to increase our contact. I ask for some extra work to be done on certain stocks.

Friday We have our weekly breakfast meeting first thing, where all the UK portfolio managers discuss their trades for the week and any interesting meetings they have had. Nothing overly exciting to report, but I make a note of the stocks mentioned to give some more thought to later.

Following an interesting company meeting, I decide not to sell my remaining position in the stock, even though the valuation appears stretched. It is a good story and one that could continue to improve over the next few years.

Saturday My son Peter’s rugby practice is cancelled, so we go to the gym mid-morning. I then take my daughter Galina to her riding lesson, but manage to miss exit 1 on the M3 and end up taking a 20-mile detour. Needless to say, we arrive late and I’m not the most popular dad in the world.

Back at home, I wash salt off my Honda Hornet motorbike in the rain with Peter. I didn’t ride it on Friday as it was far too cold and while I’d like to say I’m a natural, I have enough trouble staying on the thing in fine weather, let alone snow!

Sunday The morning is spent helping the kids with their homework. Then we go to Pizza Express for lunch before heading off to the Pottery Café where the children make plates for their friends in Russia.

Monday I give a presentation on Fidelity Income Plus fund to a potential multi-manager investor first thing, then attend an industry review meeting where one of our in-house analysts provides an update on the luxury goods sector. In the afternoon I have another company meeting. It is a good meeting and I’m already invested in the stock, so I think I’ll keep my holding as it is for now.

Tuesday All three of my retail funds go ex-dividend today. I’m happy with the distribution on Fidelity Income Plus fund, especially as this is my first full fiscal year running the fund and the dividend is higher than last year’s. A great start to the day. I then have two company meetings and another sector review – this time on utilities.

I have my last company meeting of the day before setting off for the airport and a flight to Edinburgh. I’m presenting at a client seminar there tomorrow. I finalise my presentation on the plane and arrive at the hotel just in time for last orders with the sales team.