Philippe Brugère-Trélat

Mutual Discovery's new manager has a more positive outlook than his predecessor.

Michael Ryval 20 August, 2010 | 6:00PM
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Philippe Brugère-Trélat has made few significant changes in the holdings of the $531-million Mutual Discovery   since taking over the fund late last year, but he's had a more positive outlook for the markets than his predecessor, Anne Gudefin.

"Anne took a dim view of markets in late 2007 and early 2008 and moved substantially into cash. It was well over 30%," says Brugère-Trélat, executive vice-president, Franklin Mutual Advisers, LLC, a Short Hills, N.J.-based affiliate of Franklin Templeton Investments Corp.

This very cautious approach served the fund well in 2007, when the Canadian version returned 3.8% versus the median 4.3% loss for the Global Equity category. It also helped the fund in 2008 when its 26.3% loss was less severe than the median loss of 29%.

However, cash was a drag on performance last year when markets turned. The fund returned 13.9%, lagging the 16.7% median return of its category peers.

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Michael Ryval

Michael Ryval  Michael Ryval, a regular contributor to Morningstar, is a Toronto-based freelance writer who specializes in business and investing.

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