This has been a busy year for the fund research team in terms of overseas research trips. I went on my first ever Japan-focused research trip at the end of November, but the wider funds team has spent time in Zurich and Frankfurt on specific projects this year, as well as conducting its usual research trips to the US and Asia.
Last year we picked Vulcan Value, Veritas Asia and Baillie Gifford Japan Income Growth as our top three picks for 2019. At the end of November, all three are ahead of their respective markets, though I would emphasise that a fund is something for the long term, rather than just a calendar year.
CT Fitzpatrick manages the Vulcan Value Equity Fund, one of our highest conviction US funds. The fund's investment process focuses on finding high quality companies with stable and growing values, and which are trading at a discount to their true value. The fund has performed well since inception, despite a difficult post-financial crisis environment for value managers. Below CT shares his thoughts on his investment career so far.