Learning from the lessons of jumping too early.

Publication: Investment Adviser

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COPYRIGHT 2008 FT Business

Byline: Stephen Wilmot

Ashburton manager Peter Lucas tells Stephen Wilmot about mistiming the credit crisis - and positive vibrations from the East

Peter Lucas, who has managed the Jersey-domiciled Ashburton Global Sterling Asset Management fund since launch in 1992, boasts a high-conviction, benchmark unconstrained approach. This worked very well in 2007: the fund grew 14.2 per cent over the calendar year on the back of big bets against financials and for commodities.

But it was less successful in 2006, when the fund lost 0.8 per cent. The average fund in Lipper's Global Mixed Asset Balanced sector - which includes both onshore and offshore vehicles - delivered 7.7 per cent over the period.

Mr Lucas says this is because he mistimed his response to the credit crisis. "In 2006 we took the view we were heading for a train crash, so we adopted all the measures -...

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