In an extract from Intelligent Investors, Richard Woolnough, manager of M&G's £15.5bn Optimal Income, Corporate Bond and Strategic Bond funds, talks about the importance of active management when it comes to running billions of pounds, and why he always prefers to stick to the 'letter of the law' when investing.
How do you arrive at the balance between understanding the macro, and thinking through the consequences to make better investment decisions? You start by developing a micro view and work up from there and think about a sector. There are times the two do coincide, so you have a macro view that coincides with a sector view, so it works in both directions. I am very much an all-rounder, and I will take every bit of information I can to construct my portfolio. You cannot have a set style; it has to change as the economic environment changes. For example, if you go skiing and you say to you...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
