A universal problem facing fund managers is how to dispose in a cost-efficient way of underperforming and unmarketable stocks that clog up their portfolios. Ideally, they want to do this without making losses for their investors. At present, managers have little option but to dump the unwanted stock through a dealer – the problem being that the dealer has little incentive to get the best price for the stock. One UK boutique, however, has an answer.
Progressive Value Management (PVML) takes the holdings...
