The Interview 

Seeking success by exploiting valuations

Seeking success by exploiting valuations

As the coronavirus outbreak began to spread across the world earlier this year, many investors adopted a cautious approach. But Stephen Yiu, lead manager of LF Blue Whale Growth Fund (GB00BD6PG563), was busy topping up positions in big US tech stocks. At the start of the year, the fund had a cash position of 13 per cent because Mr Yiu was wary of high market valuations. But by the end of March this had fallen to 3 per cent. “We couldn’t have foreseen coronavirus, but were quite prepared for it,” says Mr Yiu.

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