Stephen Anness and Andrew Hall believe contrarian investors do not merely take the opposite view from the crowd, but examine the consensus, acknowledge its imperfections and demonstrate that a better answer lies elsewhere.
We believe contrarianism done well represents an attractive investment philosophy, particularly in the current environment. Sophisticated investors face continuing challenges in the search for returns. Interest rates remain at or near historic lows, growth is still relatively subdued, and volatility is often high. It is becoming ever more obvious that to beat the market it is necessary to be different to the market; yet many funds, “closet trackers” chief among them, exhibit little – if any – of the ingenuity and conviction that such a strategy demands.
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