Compared with some of the bigger mandates he formerly ran, now, Lenihan will only run up to £500m in his Japanese mid to small-cap strategy.
Cerno’s five-person strong investment team is also still a believer in the infrastructure theme at a time when markets are beginning to question the wild fiscal spending promises of president Trump.
Still, “it is the easiest way for governments to generate growth,” Shaw stated.
The team is using a “two-pronged attack” to make the most of this theme, allocating to companies that operate ready-built infrastructure and companies that are beneficiaries of infrastructure spending like engineers, aggregates and consultants.
The infrastructure equity basket accounts for 9.2% of the portfolio.
