Sceptre Investment Management

Sceptre Investment Management operated between 2005 and 2009 as the manager of the Sceptre UK Fund. The Fund, which is now closed, achieved good investment returns by investing in a concentrated portfolio of undervalued equities.

Performance Record


The Sceptre UK Fund was managed by Chris Broadhurst (1959-2009) and Luke Howard Taylor. Lipper, Inc. have provided performance analysis showing that in the last 12 months of operation the Fund was the best performing UK Equity fund from their universe of 1,907 funds and that since inception the Fund ranked 4th from 1,260 peers. The Fund was liquidated following the death of the manager, Chris Broadhurst, in August 2009.

A selection of material from the history of the Fund is archived below. For more information please contact Luke (who is now a Research Analyst and Partner at Longview Partners LLP) at: lukehtaylor@gmail.com


Performance Record

Biographies

Chris Broadhurst

Chris was the principal of Sceptre Investment Management. After a degree in Physics at Oxford University and an MBA from London Business School he joined the equity department of Goldman, Sachs & Co. in New York in 1987. After transferring to London in 1988, he was responsible for selling equity derivatives to European and Middle Eastern institutions. In 1991 Chris joined Nomura International Plc. and started to build the equity derivatives department into a leading global operation. In 1998 he co-founded Phoenix Asset Management Partners and established the Phoenix UK Fund which returned over 14% pa in its first 6 years of existence and was rated 5 star by S&P Micropal. Chris left Phoenix Asset Management in September 2004 and founded Sceptre Investment Management in March 2005.

Announcement of the death of Chris Broadhurst

Luke Howard Taylor

Luke was a research analyst with Sceptre Investment Management. He graduated from Imperial College, London with a degree in Theoretical Physics and joined the firm shortly after it started in 2005. In his final year at Imperial Luke undertook research into the pricing models of equity derivatives, studying the mathematical validity of a number of stochastic volatility models against the Black-Scholes model. Luke had previously worked for Citigroup as an analyst on the Leveraged Finance and High Yield Bond Desk. After liquidating the Fund in September 2009, Luke joined Longview Partners, where he now continues to work as a Research analyst.

Sceptre

Annual and interim letters to investors

2006

2007

2008

2009 Interim

2009 Final

Sceptre

History of the Cash Weighting in the Sceptre UK Fund

The default position of the Fund was cash. When insufficient investments meeting our criteria could be found the Fund increased its cash weighting accordingly. Cash holdings were not as a result of any directional view of the market, however the effect of this disciplined approach can be seen below:

Cash position


"The market is not always efficient"

"The secret to minimising risk is not diversification"


Sceptre