70: The best buying opportunity for 30 years

The stock market falls in February and March were so fast and so deep that Hugh Sergeant, manager of ES R&M UK Recovery fund, says this is the best opportunity to buy value stocks in his 30-year career – the key is simply to work out which companies can survive. In this podcast he tells us about new holdings he has bought including WH Smith, ASOS, Next and Autotrader, and reveals why he thinks UK smaller companies in particular are so unloved.
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As the name suggests, ES R&M UK Recovery fund invests in recovery stocks, where good businesses are currently experiencing below normal profit levels, which are depressing their valuations. If they have the capabilities to help themselves out of this predicament, manager Hugh Sergeant will take them onboard. He will look to add to his holdings at almost fire-sale prices in volatile times and will be patient with their turnaround.

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