July 2005
Portfolio rationalization: PVML offers home for orphan equities
UK boutique warehouses and bulks up fund managers' troublesome unwanted shares, offering a return within three years
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...
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