It's at times like these that the crowds start pouring out of funds, says Colin McClean, manager of the SVM Global Opportunities fund of funds. Which makes it the perfect time for smart investors to be "drip feeding money into the market", he tells Investment Adviser. "One's suspicion is any fund on a 20%-plus discount will ultimately prove to be a profitable investment. As long-term investors, we are spoilt for choice."
Judging by McLean's criteria, his own fund is overbought on a 5% premium to net asset value (NAV). But with a 191% gain over the past five years, against 58% for the FTSE World, its popularity is not surprising. Born in Venezuela, the Edinburgh-based manager invests in a range of specialist funds, from private equity to hedge funds, to exploit global opportunities for long-term growth.
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