Following a sale of the Crux business to facilitate the retirement of veteran fund manager Richard Pease (a European market specialist), the new owners Lansdowne Partners have decided to focus on European markets and 3 UK specialist funds, including the one run by the Richard Penney (UK Special Situations) have moved under a new roof at Oberon Investments.
I have to confess to having no prior knowledge of Oberon. An internet check tells me that they are a UK listed boutique investment house. Their shares are owned in quite large percentages by other specialist UK investment businesses and the founders. I was surprised to note that a longish photo gallery of fund managers and analysts includes not a single woman.
Interactive Investor lists no Oberon funds as far as I can see. I assume they will have to communicate with investors in the TM Crux UK funds on their platform to explain what they are going to do.
I own the former TM Crux UK Special Situations fund and am putting it on immediate close watch. Recent past performance has been very poor, but Richard Penney is a genuine deep value investor who can make money very fast on a market rotation, or at least he has done in the past. He and his team may end up subsumed into Oberon’s operation (they seem to have a special situation manager already), or sit as a side show – that cannot yet be known,
You must be logged in to post a comment.