Mark Slater Fund Manager on Finding Growth at a Good Price

Mark Slater is a well-respected fund manager known for his value investing approach. He focuses on finding growth at a good price.

Slater's investment philosophy is centered around identifying companies with strong growth potential and purchasing them at a reasonable price. This approach has served him well over the years.

As a seasoned investor, Slater has honed his skills through extensive research and experience. He has a keen eye for spotting undervalued companies that are poised for growth.

Mark Slater's investment strategy is centered around a value investing approach, which he believes provides a long-term edge.

He focuses on identifying undervalued companies with strong fundamentals, often looking for those with a high return on equity (ROE) and a low price-to-book (P/B) ratio.

Slater emphasizes the importance of quality over growth, as he believes that high-quality companies can provide stable returns over the long term.

He prioritizes companies with a strong competitive advantage, often citing the example of companies in the software and pharmaceutical industries.

Slater's approach to investing is also influenced by his experience working with his father, Jim Slater, who was a successful investor and author of the book "The Slater's 50/50 Formula".

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We're looking at UK growth shares as a key part of our investment strategy, and I'm excited to share some of the companies we're buying.

One of our top picks is Rightmove, a leading online property portal that's been a consistent performer in recent years.

We're also buying Ocado, a pioneering online grocery retailer that's been a leader in the e-commerce space.

Another company we're investing in is Just Eat Takeaway.com, a leading food delivery business that's been growing rapidly.

These companies have a strong track record of growth and have been performing well in the market.

Their growth potential is driven by the increasing demand for online services and the expansion of their operations into new markets.

The UK's strong economy and favorable business environment make it an attractive place for these companies to operate.

Their financials are also solid, with a history of generating strong cash flows and returns on equity.

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Active investment involvement is a key aspect of our investment strategy. We aspire to doing as little as possible, only getting involved when necessary.

Ideally, we look for companies with good businesses and management teams that can run them effectively on their own. This allows us to focus on other investments and avoid getting bogged down in day-to-day operations.

However, when things go wrong, we may need to get more involved to protect our investment. This can involve suggesting things to management or even taking more drastic action, such as removing a key director or the entire board.

In extreme cases, we've had to "fight our way out" of a troubled investment, which can be a challenging and time-consuming process. But it's a necessary evil when we believe it's the best way to protect our investors' interests.

One of the biggest challenges of getting involved in a company is getting other fund managers to join us. Despite the noise around activism, many fund managers are reluctant to take action, making it difficult to mobilize support.

Mark Slater, a seasoned fund manager, has seen his fair share of successful investments. Over the years, he's had holdings that have gone up ten times or more.

One notable example is Hutchison China, which became a 25-bagger. A 25-bagger is a good threshold for feeling happy about an investment.

Future, his largest holding, is a ten-bagger. This means it's had a significant return on investment.

Cape, another holding, went up 35 times in a few years, although this was during a time of crisis. They bought more shares at a low price and then saw a significant increase.

Running profits and cutting losses is a crucial aspect of investing, according to Slater. It's not always easy, but it's essential to make informed decisions.

Slater emphasizes the importance of being confident in an investment proposition to run profits, but also cutting losses when necessary. This is a challenge many investors face, both professionals and individuals.

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Mark Slater co-founded Slater Investments in 1994 with Ralph Baber. He is Chairman and Chief Investment Officer of Slater Investments, Chairing the Investment Committee.

Mark has a strong family influence on his career, with his father Jim Slater being a significant figure. His father helped research and edit a best-selling investment book "The Zulu Principle" in 1992, which focuses on identifying small to medium-sized growth companies.

Mark has received numerous awards for his fund management skills, including UK All Companies, Best 10 Year Performance – Slater Growth Fund (City of London Fund Awards 2018).

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Mark Slater co-founded Slater Investments in 1994 with Ralph Baber and is Chairman and Chief Investment Officer of the company. He has an impressive track record, having managed a hedge fund, four unit trusts, and portfolios for pension schemes, charities, and high net worth individuals.

Mark has received numerous awards for his investment prowess, including the UK All Companies, Best 10 Year Performance – Slater Growth Fund (City of London Fund Awards 2018) and "Best of British" – No 1 – Top 25 UK Fund Managers (TD Direct Investing 2017 & 2016). He has also received top ratings from several well-known rating agencies.

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Mark's experience as a financial journalist with Analyst plc and the Investor's Chronicle has given him a unique perspective on the investment world. Prior to founding Slater Investments, he worked as a financial journalist.

Mark has an MA in History from Cambridge University. He has also served on the boards of four public companies in which he has been a substantial shareholder.

Meeting management is crucial, but it's the least important part, according to Slater. He thinks it's better to meet management teams at the end of the process, not too early.

Meeting management too early can be a problem, as their patter may sway your judgment on the business. Slater's team has made their biggest mistakes by meeting management too soon.

Meeting management at the end of the process is a healthier way to go about things, as you already know the questions you want to ask and the gaps you want to fill. This approach helps you make more informed decisions.

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Slater's team typically holds between 35 and 50 stocks, with 35-45% of the money invested in the top ten holdings. This degree of concentration in the best ideas is a deliberate choice.

Slater believes there's a limit to the number of good ideas, and there just aren't enough good companies to warrant a larger portfolio. He thinks it's sad, but it's a reflection of reality.

Mark Slater co-founded Slater Investments in 1994. He has a proven track record as a fund manager.

The firm he co-founded now runs three funds open to individual investors. Mark Slater's flagship fund is the MFM Slater Growth Fund.

The fund's performance has been fairly flat over the last 12 months, but it has returned just over 97% over the last five years. This is significantly better than the IM UK All Companies index, which is up 69.5% over the same period.

Mark Slater has returned an annualised average of 8.6% a year over the last 17 years. This is a testament to his skill as a fund manager.

The growth fund has received a huge number of awards for its performance.