JOHCM's Savvides blames Brexit for big banks' drag on £1bn UK Dynamic fund

Savvides, who developed the fund and has run it for the past decade, attributed part of the fund's underperformance from stock selection to high conviction holdings Barclays and Lloyds (a top ten holding at 3.8% of the fund), which collectively detracted 30bps from returns. The manager said the response by shareholders to the UK banks' interim results in early August was "extremely underwhelming", describing the poor performance as "both odd and unreflective of the underlying reality". Lloyds, BP, Glaxo: Which were the top ten most bought companies in H1 2018? "Interim results for ...