A significant shift is underway in the investment world: the manager behind the TM SDL UK Buffettology General Acc fund is retiring following a recent buyout. This news could impact investors, so let's dive in.
EC Pohl & Co, an Australian investment firm, has acquired Sanford DeLand Asset Management, the company managing both the Buffettology fund and its smaller counterpart, TM SDL Free Spirit General Acc. The key player in this transition is Keith Ashworth-Lord, the fund's manager, who is set to retire in 2026.
Ashworth-Lord, who has been at the helm of the Buffettology fund since its inception in 2011, will continue working with the business until his retirement.
Inspired by Warren Buffett's investment principles, the fund focuses on a "business perspective investing" approach. This means the team seeks companies with easily understandable business models, transparent financial statements, predictable earnings, and high returns on capital.
But here's where it gets controversial: The fund's performance has recently experienced a downturn.
Here's a snapshot of the returns:
- SDL UK Buffettology:
- One-year total return: 3.9%
- Five-year total return: 4.2%
- Ten-year total return: 78.4%
- IA UK All Companies sector average:
- One-year total return: 14.4%
- Five-year total return: 62.9%
- Ten-year total return: 81.7%
- FTSE All Share:
- One-year total return: 21.4%
- Five-year total return: 91.9%
- Ten-year total return: 115.1%
Source: FE Analytics, 03/11/2025. Past performance is not a guide to future performance.
The fund's portfolio typically includes a mix of large, mid, and small-cap shares. A significant holding has often been Games Workshop Group (LSE:GAW), frequently making up nearly 10% of the portfolio. Other top holdings include International Personal Finance (LSE:IPF), RELX (LSE:REL), Jet2 Ordinary Shares (LSE:JET2), and Next (LSE:NXT), along with US-listed Rollins Inc (NYSE:ROL) and Berkshire Hathaway Inc Class A (NYSE:BRK.A).
Historically, the fund's investment strategy has yielded impressive results. From its launch on March 28, 2011, to November 3, 2025, the fund generated a total return of 253.4%, outperforming the FTSE All-Share's 188.2% return and the Investment Association’s UK All Companies sector average of 158.9%.
Due to its strong performance, the fund's assets grew substantially, exceeding £1.5 billion in 2021. This was a significant increase from mid-2016, when it managed only £42 million.
And this is the part most people miss: However, the fund's quality investment style has recently faced challenges. In the 2022 sell-off, the portfolio lost approximately 23%, underperforming both its average rival and the UK market. The fund has lagged in subsequent years, returning less than 3% in 2025, while the UK market has surged ahead.
Beyond style considerations, some individual holdings have encountered difficulties, including Liontrust Asset Management (LSE:LIO) and NCC Group (LSE:NCC). The team completed its exit from NCC Group in September, with Ashworth-Lord noting concerns about the company's plans.
The fund's current size reflects its change in fortunes, now holding around £264 million in assets.
Practical Pointers:
Changes in a fund's management can significantly impact its performance. Investors should always pay attention to these transitions. One of the main things to assess is key-person risk. Was one fund manager highly influential, or was it a team approach? In Ashworth-Lord's case, he has been the sole manager for most of the Buffettology fund's history. However, Eric Burns, David Beggs, and Chloe Smith have been working at the company for a longer period and have managed SDL Free Spirit alongside Keith Ashworth-Lord.
Since the investment philosophy will remain the same, you might consider sticking with the fund if you like its approach, despite Ashworth-Lord's retirement.
What are your thoughts on this? Do you think the fund will continue to perform well after the change in management? Share your opinions in the comments below!
