Recently David Harding was asked: You’ve attracted quite a lot of new money into the fund since you’ve launched, but particularly in the last couple of years. Why is that do you think?
I think that the market has bought what actually is quite a complicated story. The Winton story is not a simple story. In our early years we were impeded by the terrific performance of dot-com stocks. Later people became very attracted to certain types of hedge funds, which produced very smooth and steady returns; something which we’ve never purported to do. And, to be honest, as I said before, the Winton story, obviously I believe in it, but it isn’t simple and I’m not that surprised that it took the market some time to show considerable enthusiasm for it. But now that the story has been got across better, people are, I think, realizing that Winton is a good horse to back in the race to try to find genuinely talented hedge fund management companies.
David’s comments about the dot com bubble might seem dated today, but they are not. That “bubble” caused a great many people to take bad steps with their portfolios and years later many still have not learned the lessons.
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