MARKETING - The PRIDE Magazine by Liontrust - Flipbook - Page 5
M Y BEST INV EST M ENT E VE R
DEPARTMENT
SCORE
Stephen Bailey, co-manager of the Liontrust Macro Equity Income Fund, remembers
the best investment he ever made…
The world is a very different place to how it
felt in the first half of 2001. It was in August
of that year when I would make what would
later prove to be my most successful investment:
buying shares in department store Bentalls.
STEPHEN BAILEY
The beauty of it was that, at a time when stock
markets were selling off heavily, we took the
decision to make value plays in companies with
hidden assets. In the case of Bentalls, while
it didn’t appear to be an especially well-run
business, we discovered its extensive property
interests – principally in South West London –
hadn’t been revalued since the early 1960s!
Within a year of our investment, Bentalls was
acquired by department store chain Fenwick,
and we made three times our money.
Such opportunities remain relatively scarce in
the modern stock market, but it’s worth trawling
– particularly through the small cap part of the
market – for similar opportunities.
More from Stephen Bailey and his
co-manager Jamie Clark on P15
Issue 1 Winter 2017 - TH E P R IDE - 5