106. Making cheeky bids for good companies at rock-bottom prices

Alex Savvides, manager of JOHCM UK Dynamic, talks to us about the recent “vaccine value rally” and gives his thoughts on the possibility of Brexit deal and the impact COVID-19 has had on company readiness for our withdrawal from the European Union. Alex also discusses the recent uptick in merger and acquisitions and tells us that overseas companies are making “cheeky bids” for good companies at rock-bottom prices.
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JOHCM UK Dynamic manager Alex Savvides uses a distinctive ‘change’ investment strategy, looking for sustainable improvement from stocks that can create idiosyncratic sources of return. Alex is a pragmatic manager, and not afraid to look at companies that have been beaten up by the market. The portfolio will generally be concentrated at just 30-50 names, and is multi-cap, often with a bias towards medium-sized companies.

Read more about JOHCM UK Dynamic

What’s covered in this podcast:

  • How the fund has performed in the second half of the year, including during the recent value rally [1:07]
  • Whether this value rally can continue [2:58]
  • The manager’s view on the likelihood of a Brexit deal and how COVID has impacted the Brexit-readiness of UK plc [6:03]
  • What the manager is hearing on the ground from companies he invests in [10:43]
  • Why there has been an uptick in merger and acquisitions in recent weeks and whether the bids are positive or negative news for investors [13:34]
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