Although the heavyweight manager has maintained an impressive track record over his 29-years in the industry, his performance last year was notably underwhelming as post-Brexit political uncertainty and volatility rocked the UK market.
His UK Select Opportunities vehicle failed to beat peers in the UK All Companies sector, returning 13.1% versus the 21.9% sector average, according to FE’s database.
The AXA Framlington UK Growth Fund, which he co-manages with Jamie Hooper, was closer to the average UK All Companies’ sector performance but still failed to outpace it, producing returns of 19.2%.
“Mine was a crap year,” said Thomas, speaking at Chelsea Financial Services’ investment dinner on Wednesday evening.
“Last year was my worst relative year in 29 years. Shell was 23% of the index return. Shell, 8% of the index, was up 60%.
“There’s no way any active fund manager can compete with that, and I didn’t.”
In terms of performance, he said it was right up there with 1997 when the banks performed well off the back of the demutualisation of the savings and loans industry.
Thomas has always been underweight banks, though he owns a small numer of shares in Lloyds and HSBC.
“Anthony Bolton underperformed three years in a row,” he stressed to the room of dinner attendees. “I’m quite capable of doing that as well, if this environment carries on.”
