Fund Managers Diary

Tony Yousefian is the chief investment officer of OPM Fund Management. His diary runs from August 25-31.


Tuesday Alarm goes off at 6.15am, the same time as CNBC comes on – a good source of information on all the East Asian markets, with UK company announcements around 7am. In the office for the 8am morning investment meeting with my guys, discussing stock-specific news and markets overnight. Midday meeting with Pershing, pitching for the administration on our bespoke portfolios, which goes on till 3pm. I then leave the office for a dreaded dentist appointment.

Wednesday A few of our Reits [real estate investment trusts] stocks report, so we discuss the announcements in detail. Historical trading is as awful as expected, but there is a smaller than anticipated drop in net asset values. Good news to see a larger than expected reduction in debt and, very cautiously, optimistic future guidance given. Executive lunch (rolls from the bakery with a cup of tea) while using our charting system to analyse the major indices. All looking rather overbought.

Interestingly, trading volumes have been very low and some kind of pullback will not be a bad thing, especially as we approach the dreaded September and October months.

Thursday Rise even earlier today at 5.30am to catch the 7am train to London for fund manager meetings. Luckily the first is round the corner from Liverpool Street station, followed by two more across town.

Later, I meet up with colleagues for a few drinks, then a few more… When I next look at my watch it is 7pm. Having promised to be back by 6pm, I get home at 10pm.

Friday A lot to get through in the morning meeting. Yesterday’s fund manager appraisals are discussed and meeting notes are finalised for the library. I carry out the weekly geographical asset allocation appraisal for each OPM fund. The outlook for gold looks very positive, with a reverse head and shoulder formation on the charts. If it breaks through, the target will be circa $1,300 [£800], so we increase exposure in the Balanced Managed mandate using exchange-traded funds.

Recent positive economic data out of France and Germany means we are looking to increase our European exposure with particular bias there – the Ignis Argonaut European Alpha fund is a good candidate. But we expect a market correction in the coming weeks, so any purchase will be done on weakness. Agree to put a small short on FTSE 100 in the Balanced Managed fund. Property stocks have done very well recently, so I bank some profit in the Property fund.

The afternoon meeting highlights the board’s pleasure with the increase in funds under management – external IFA money now represents some 45% of new business.

Saturday What’s that buzzing noise? Oh heck, it’s my alarm clock going off at 6.15am. After abuse from Mrs Yousefian for my oversight, I subsequently profit from her shopping outing by enjoying the Belgian Grand Prix qualifier over a couple of beers with my youngest son. Out for dinner with the family before tuning into X Factor – detested by Mrs Y but a good laugh for me and my younger son.

Sunday Watching the Grand Prix, with the laptop logged onto my spread-betting account – I go long Räikkönen and Trulli, short Button and Hamilton and a couple of others. I’m gripped by the exciting race, and chastised for shouting at the TV. Trulli costs me money but I end up a few pounds better off.

Monday A bank holiday. Mrs Y can’t understand why I have CNBC on. Apparently our en-suite needs a face-lift so – having spent the afternoon looking around bathroom showrooms and based on my past DIY performance (destroy-it-yourself) – she who must be obeyed decides to call in the professionals.

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