First State boss bins 75pc

Of the original 54 stocks left in the portfolio following previous manager Andrew Dalrymple’s departure in August, only 14 remain with 40 new holdings brought in as part of the new look fund. Subjally has ditched a large portion of the Japan weighting in the fund to invest a third in Europe. His transformation, which has led to an entirely new top ten holdings list, also involved softening the extreme small-cap bias by bringing in more mid-caps. The fund was originally heavily weighted in favour of Japan and Asia but had no holdings in Europe when Subjally took over. He admitted...