“Successful investing is about managing risk and not being afraid to hold cash when you can’t find assets at the right price,” is the mantra of fund manager James Mahon. And it is very apt in today’s situation. Having been very cautiously positioned at the start of the year, as all assets were expensive, he spent March and April using cash to buy equities and bonds at much cheaper prices. James tells us about buying both the bonds and shares of Diageo (maker of Johnny Walker whisky) recently and why Heathrow airport is a better investment than Gatwick.

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Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.