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We often joke that we run the portfolio like I Prom Dresses 2011 run my wardrobe, which means everything you have not worn for a year, you chuck. Things that do not quite work out, you need to examine the reasons why. Are the original reasons for buying it still there? Has the Homecoming Dresses environment changed? Has the management disappointed? Or has the stock become too expensive? Has it gone out of fashion?

I do not believe in the 'bigger fool' theory - if I do not want to buy it, why would someone else buy it? Why would it go up? I would rather chuck it and put the money Strapless Split Blue Homecoming Dress else. That makes it a very concentrated portfolio - more concentrated than some of our competitors, with only 30 stocks.So what is turnover like in the fund? Do the opportunities you find in the region tend to be longer-term holdings?

We do not see ourselves as traders - we do not think our strength is in daily trading. When we find good companies we buy them on the basis of their two- to three-year Red Interlaced Slit Floor Length Evening Dress outlook, and we will sell them if the outlook changes or the valuation changes. So the starting point is always a long-term proposition, but of course things change, and our turnover during the crisis and coming out of the crisis was much higher because we completely changed the portfolio stance.