Notification of changes to the underlying fund of P41 Investec Cautious Managed

20 April 2020

We have been notified by Ninety One Asset Management (formerly Investec Asset Management) (the “Company”) of the following change in investment manager of the underlying fund of P41 Investec Cautious Managed. This change has taken effect from 17 April 2020 (the “Effective Date”). 

The Company have confirmed the below:

“We would like to inform you that Alastair Mundy will be stepping down as portfolio manager on the Cautious Managed, UK Special Situations and UK Total Return funds, and the Temple Bar Investment Trust, with immediate effect, and will take an extended leave of absence. This is a mutual decision between Alastair and the Ninety One leadership team, taken for (non COVID-19) health-related reasons. Consistent with our approach to succession planning, Alessandro Dicorrado and Steve Woolley have been appointed as co-portfolio managers. Alessandro and Steve currently manage the team’s Global Special Situations Fund and have worked closely with Alastair for many years implementing the Ninety One Value team’s shared investment philosophy.

Alessandro and Steve are part of a well-resourced team of eight investment professionals. The Value team’s highly collaborative approach and the meaningful overlap between portfolios mean they are well positioned to assume portfolio management duties for the funds. The investment strategy and objective of the portfolios remains unchanged. Alessandro, Steve and the analyst team have a thorough knowledge of each of the positions in the portfolios. Domenico (Mimi) Ferrini, Co-Chief Investment Officer, will assume Alastair’s responsibilities as head of the Value team.

I’d like to share with you a comment from Mimi. “Our primary concern is always to ensure continuity for our clients and to safeguard the welfare of our employees. We put robust succession plans in place to manage situations just like these and ensure each of our investment teams has the experience and depth required to provide continuity for our clients with the high standard of investment expertise and service they have come to expect from Ninety One. We wish Alastair well for his recovery and we look forward to his return”.

Given the current investment environment, the entire Value team has been engaged in an in-depth analysis of all holdings across the team’s portfolios to stress-test each company’s ability to withstand a protracted economic downturn. Our disciplined investment process and fundamental analysis, which has included engaging with the management team of multiple positions over the last two weeks, provides us with great confidence in the portfolio.”


Should you have any questions regarding these changes, please contact International Funds & Investments.