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FYR072 Investing in Quality Businesses, Investor Red Flags and When to Cut | Rosemary Banyard


Rosemary Banyard is an award-winning fund manager specialising in UK medium and smaller companies with over 30 years of experience in understanding business models, industry structures, barriers to entry, and risks, on both the buy and sell side.

Rosemary started her career in 1979 at James Capel as a senior investment analyst where she spent 12 years. Rosemary then moved into fund management starting at AIB Govett asset management before moving on to Schroders where she spent almost 20 years running a smaller companies Fund with Andy Brough.

In 2016 she joined Sanford DeLand to launch and manage the Free Spirit Fund. The Schroder UK Mid Cap trust returned 17%* p.a. while she was manager and in her two and a half years managing money at Sanford DeLand the Free Spirit Fund returned 31%. Rosemary joined Downing in March 2020 to launch the VT Downing Unique Opportunities Fund.

Rosemary talks about her investing journey and how it has evolved over the years from investing in quality businesses to sharing some of her best investments and some not so good. Rosemary shares her guiding principles, Investor red flags to look out for in company accounts and of course much, much more.


1:45 Rosemary’s investing journey starting at the beginning.

7:00 Rosemary shares her overarching investing strategy and how that has evolved over time.

9:15 Discussing UK software company Kainos Group PLC (KNOS).

14:40 Discussing UK software company Alfa Financial Software Holdings PLC (ALFA).

18:00 Discussing James Fisher & Sons PLC (FSJ).

20:45 Discussing when to cut and investor red flags to look out for.

26:10 Discussing the differences between a fund manager and a private investor.

28:15 Does Rosemary feel any pressure from time to time?

29:30 What makes a good investor?

31:40 Rosemary’s essential reading for investors.

Hope you enjoy this episode and have a wonderful day.

The FYR Team

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Disclaimer: This presentation is for educational purposes only. All opinions and information are for demonstrational purposes and do not constitute investment advice. Trading and investing carries a high level of risk and are not right for everyone. If you need financial advice, consult with a regulated financial adviser in your country before making any decisions.

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