A significant shift is underway in the investment world: the manager of 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 behind 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 manager, who plans to retire sometime in 2026.
Ashworth-Lord has been at the helm of the Buffettology fund since its inception in 2011. The fund's strategy, as its name suggests, draws inspiration from Warren Buffett's investment principles. The team focuses on companies with easily understandable business models, transparent financials, predictable earnings, and high returns on capital. Think of it as investing in businesses you can truly understand.
But here's where it gets controversial... the fund's recent performance has been less than stellar.
Here's a snapshot of the fund's performance:
- One-year total return (%): 3.9%
- Five-year: 4.2%
- Ten-year: 78.4%
Compared to the IA UK All Companies sector average:
- One-year total return (%): 14.4%
- Five-year: 62.9%
- Ten-year: 81.7%
And the FTSE All Share:
- One-year total return (%): 21.4%
- Five-year: 91.9%
- Ten-year: 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, sometimes making up nearly 10% of the portfolio. Other notable holdings include International Personal Finance, RELX, Jet2 Ordinary Shares, and Next, along with US-listed Rollins Inc and Berkshire Hathaway Inc Class A.
Initially, the fund's investment approach proved very successful. From its launch on March 28, 2011, to November 3, 2025, it achieved a total return of 253.4%, outperforming both the FTSE All-Share (188.2%) and the average fund in the Investment Association’s UK All Companies sector (158.9%).
This strong performance led to substantial growth, with assets exceeding £1.5 billion in 2021. This was a dramatic increase from mid-2016, when the fund managed only £42 million.
However, the fund's quality investment style has faced challenges recently. In the 2022 sell-off, the portfolio lost approximately 23%, underperforming both its peers and the UK market. The fund has continued to lag in subsequent years, returning less than 3% in 2025 while the UK market surged ahead.
Individual holdings have also presented difficulties, including Liontrust Asset Management and NCC Group. 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, with around £264 million in assets, reflects these shifts in fortune.
Practical pointers: A change in a fund's lead manager can significantly impact its performance. Investors should pay close attention to this. One key consideration is the 'key-person risk.' Was the fund heavily reliant on one manager, or was it a team effort? In Ashworth-Lord's case, he was the sole manager for most of the fund's history. Recently, he was joined by Eric Burns (deputy manager in September 2024), David Beggs and Chloe Smith (both co-managers in July 2025). However, these three have been with the company longer, managing SDL Free Spirit alongside Ashworth-Lord since December 2022.
And this is the part most people miss... The investment philosophy of the Buffettology fund will remain unchanged. So, if you believe in the fund's approach, you might choose to stay invested, despite Ashworth-Lord's retirement.
What are your thoughts on this situation? Do you think the fund will continue to perform well without its long-time manager? Share your opinions in the comments below!
