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Commenting on the news that Alastair Mundy is stepping down from the management of Ninety-One’s UK Special Situations and Cautious Managed funds, Darius McDermott, managing director of FundCalibre, said:
“I’ve known Alastair for some 20 years or so. He’s a great guy and been a great investor – a true contrarian. It’s concerning to hear that he has had to step down for health reasons and I wish him a speedy recovery.
“In terms of his successors, we think the funds have been placed in good hands.
“Alessandro Dicorrado and Steve Woolley already run the Global Special Situations fund, which is on our Radar, and they have worked with Alastair and the value team for almost a decade. They have been running the global equity portion of Cautious Managed since 2016, and some of UK Special Situations stocks have overlapped with their own global portfolio.
“It’s a team-based approach, so there will be consistency of management style for investors, and the support of Mimi Ferrini, who led the Multi-Asset team for some time, will be a valuable resource for the Cautious Managed fund.
“We will keep an eye on flows, but given the size of the funds, any redemptions should be manageable.
“We are confident of their abilities and will move both funds to our Elite Radar.”