19. Why tractors and M&S could do well but bonds could disappoint

Investing in assets that have lost 50% of their value could be scary stuff – but if you research them thoroughly, amongst all the rubbish you can occasionally fund something of value that has been mistakenly discarded by investors. Alastair Mundy talks to us about the loyalty of M&S customers, the quality of John Deere trackers, and tells us why gold and silver are insurance against central bankers' eagerness to avoid a recession.
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Alastair uses his distinctive contrarian equity investment process and combines it with primarily bonds, but also gold and cash, in the Elite Rated Investec Cautious Managed fund. His aim is for the equity portion to drive the fund’s long-term performance, while the fixed income portion reduces volatility.

Read more about Investec Cautious Managed and Investec UK Special Situations fund

The views of the author and any people interviewed are their own and do not constitute financial advice. However the knowledge that professional analysts have analysed a fund or trust in depth before assigning them a rating can be a valuable additional filter for anyone looking to make their own decisions. Before you make any investment decision make sure you’re comfortable and fully understand the risks. If you invest in fund or trust make sure you know what specific risks they’re exposed to. Past performance is not a reliable guide to future returns. Remember all investments can fall in value as well as rise, so you could make a loss.

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