Plunging Bank Shares Won't Scare Me Away ; Returns Have Been Dismal, but Fund Bosses Are Still Forecasting Brighter Times
Mail on Sunday › July 13, 2008
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Summary
IN recent years, managers running some of the most popular UK funds poured savers' money into bank shares as a good bet. We all know what happened next. Toby Thompson's New Star Higher Income fund - a [pounds]500 million fund at one time popular with cautious savers seeking an income from their investments - is down 38 per cent in 12 months, for example.
New Star Higher Income is the worst performer of 98 UK Equity Income funds over the past year. Thompson invested heavily in banks. When the credit storm struck last summer, his biggest holdings included Barclays (down 60 per cent in a year) and HBoS (down 75 per cent).See the full content of this document
Extract
Plunging Bank Shares Won't Scare Me Away ; Returns Have Been Dismal, but Fund Bosses Are Still Forecasting Brighter Times
He stubbornly clung on to them. As a result, virtually all the gains he had made since the FTSE 100 was last at its lowest ebb, in March 20...
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