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The waiting game - four turnaround stocks in Europe

Home / Press Centre / The waiting game – four turnaround stocks in Europe

James Rutherford, Portfolio Manager
Martin Todd, Co-manager, Hermes European Alpha
06 March 2018
European Equities

Stock markets are capricious in the short-term. Unexpected news flow and temporary factors can trigger bursts of share-price volatility, but leave the long-term fundamentals of companies intact. This is illustrated well by the performance of Pandora, ConvaTec, Nokia and Siemens Gamesa in the last year. While European equities rebounded strongly in the past 12 months as the region’s economic recovery deepened, these four stocks faltered. James Rutherford, Portfolio Manager and Martin Todd, Co-Manager, Hermes European Alpha, at Hermes Investment Management explain why they decided to retain – or add to – these positions and maintain focus on the companies’ prospects for long-term growth.

“We aim to not be driven by emotion, but instead examine adverse issues influencing a company’s performance. We seek to understand the nature of these issues – for example, whether they are structural or temporary – and whether we can see a clear road to recovery. This requires discipline and patience, and ultimately helps us look beyond short-term turbulence and keep an evidence-based faith in the ability of our holdings to outperform.”

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James Rutherford Portfolio Manager James Rutherford joined Hermes in December 2006 and is the Co-Head of Investments for Hermes European Equities and Co-Portfolio Manager for the Hermes European Alpha product. After graduating, James joined Fidelity as a Pan-European Research Analyst, initially specialising in areas such as property, transportation, autos and media. In 1994, he became portfolio assistant to Graham Clapp, and quickly progressed to become a Pan-European institutional portfolio manager in 1995. James also co-managed the UK Recovery Trust, which was ranked first in its peer group during that period. Over 11 years James came to manage a $19bn portfolio of Pan-European institutional funds, and he remained at Fidelity until joining Hermes. James has over 20 years of experience in the investment industry and graduated from the London School of Economics in 1988.
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Martin Todd Co-manager, Hermes European Alpha Martin Todd joined Hermes as a senior analyst in March 2013. Prior to this he was an investment director at Scottish Widows Investment Partnership. Martin joined SWIP as a graduate covering US equities before spending two years covering the Japanese equity market. In 2007 he joined the UK equity team and was an analyst and fund manager within a team managing more than £20bn in AUM. Between 2008 and 2012, Martin was a portfolio manager on four offshore funds and from 2010 co-managed £4.5bn in low-risk funds. In addition he was lead sector analyst on travel and leisure, media and personal goods. Martin graduated from The University of St Andrews with an MA in Economics & Modern History and is a CFA charterholder.
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