‘E very day I buy Burberry, I feel like an idiot,” said Nick Kirrage. It’s an unusual confession for a fund manager. In my experience they tend to have a bit more conviction in their investments.
“Every day I buy it and think: idiot. I’m still buying.” Maybe he is an idiot.
Shares in the iconic fashion brand are down 49 per cent this year. The company has issued a profit warning, cancelled its dividend, and brought in a new chief executive. “I’ve heard it all before,” the fund manager said.
Nick Kirrage is the co-manager of the Schroder Recovery fund and a value investor. That essentially means that he backs stocks that are out of favour and unloved — such as Burberry — where he.
