While today’s announcement is not a great shock to investors – he stepped down from management of his Asia Pacific Leaders funds last summer – it is difficult to think of a more respected figure in Asian equities the sector.
Indeed, Gavin Haynes, managing director at Whitechurch Securities, rates Tulloch has the “most influential investor in Asia for UK investors over the past two decades”.
“Whitechurch invested with Angus for over 15 years and he has produced exceptional performance for clients in terms of absolute, relative and risk adjusted returns,” he adds.
“Particular impressive has been the consistency of performance, clearly defined style – which will continue to be followed by Stewart – and ability to reduce risk during the times of high volatility through focus on quality businesses.”
John Husselbee, head of multi-asset at Liontrust, confers with this view: “Tulloch favours growth but not at any cost or long-term risk to capital.
“The shape of returns shows how the manager has preserved capital in down markets making the fund a popular choice among fund buyers.”
Smooth returns in historically volatile markets must be a high priority for any investors in Asia, but how has this happened in practice?
According to FE Analytics data going back to the turn of the millennium, Tulloch has returned 735% versus an average 304% from his peer group.
