90. A baptism of fire and the lure of addictive hobbies

Rosemary Banyard, manager of newly-launched VT Downing Unique Opportunities fund, tells us about launching a fund in the midst of a crisis and why she likes companies that have no debt at all. She also talks to us about Games Workshop and why addictive hobbies can result in good dividends, and explains why Estonia is the poster-child of government ‘digitalisation’, why Canada is eyeing-up the UK passport application process…
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This multi-cap UK equity fund is run by the highly-experienced Rosemary Banyard. Rosemary has spent more than 30 years in the investment industry and has a well-defined process looking for companies that have sustained competitive advantages, with low debt and good management teams. VT Downing Unique Opportunities fund will be highly concentrated in just 25-40 names.

Read more about VT Downing Unique Opportunities

What’s covered in this podcast:

• The type of companies that will be in the portfolio [0:20]
• What it was like launching a fund in the middle of a stock market crash [3:17]
• Why 23 out of 28 companies in the fund have no debt whatsoever [4:21]
• Why she likes to hold a bit of money in cash [5:17]
• How past experience can help in a crisis [8:01]
• Why she likes Games Workshop and how it managed to pay its dividend when other companies have been cutting or cancelling theirs [10:02]
• How Kainos (a holding in the fund) is helping governments to put MOTs and passport applications online [13:53]
• Why Estonia is the poster-child of state digitalisation [14:47]

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