Over 15 years, Tulloch’s Alpha generation is 5.18 versus MSCI Asia Pacific Ex Japan; this compares to 0.88 from his peer group. Sortino is 0.67, versus 0.41 from the average manager in the sector.
Looking over the past decade, Tulloch has lost money for his investors in two calendar years. In 2008, he lost 19% versus 31% from the peer group, and in 2011 his 8% fall compared to 16% from other managers.
Richard Philbin, chief investment officer at Wellian Investment Solutions, points to Tulloch’s history of low portfolio turnover with a very dogmatic approach to investment, while he says the future still looks bright for Stewart Investors.
“He has built a fantastic team around him who all invest in exactly the same way, and the franchise is very solid,” he says.
“Tulloch has dedicated his life to that business, despite a fair bit of corporate change which can in itself create uncertainty, so has nothing to prove. He will go down in the record books as one of the greatest longer-term investors that the UK has produced.
“I don’t think you will get a bigger cherry on top of the cake if he went out at the top of the performance charts or at the bottom. I have nothing but admiration for the man.”
