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THE BIG PICTURE

Alessandro Viviani of Old Mutual Wealth Italy explains why he is sceptical of managers who claim they are pure stockpickers – and how he his trying to tempt his client’s out of their complete risk aversion

Profile Alessandro Viviani, Old Mutual Wealth Italy

Alessandro Viviani has a tendency to mistrust any manager that says they only focus on stocks and have no interest in the wider world.

“When a fund manager says he is a pure bottom-up manager who can’t be bothered taking macro data into account, I tend to be a little bit sceptical,” he says. “Even if you are a stockpicker rather than an asset allocator, you need to have an idea of the macro forces and how these could impact the companies you invest in. Only a manager specialised within a single sector could possibly get away with just a bottom-up approach.”

Big is better

Viviani also has a preference for large, established fund houses because they tend to run funds supported by a large backroom staff.

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