Buffettology fund manager to retire following buyout

The company behind TM SDL UK Buffettology General Acc has been bought out, with the fund’s manager Keith Ashworth-Lord (pictured) set to retire next year.

EC Pohl & Co, an Australian investment firm, has acquired Sanford DeLand Asset Management, which runs both the Buffettology fund and its smaller sibling TM SDL Free Spirit General Acc.

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Ashworth-Lord, who has managed the Buffettology fund since its 2011 launch, will continue to work with the business until stepping back at some point in 2026.

As its name suggests, the flagship fund looked to follow some of the principles of Warren Buffett, with the team using a “business perspective investing” approach and looking for companies with easily comprehensible business models, transparent financial statements, predictable earnings and high returns on capital employed among other traits.

Buffettology’s performance has slipped

Source: FE Analytics, 03/11/2025. Past performance is not a guide to future performance.

The fund has tended to hold a combination of large, mid and small-cap shares, with star holding Games Workshop Group (LSE:GAW) often making up close to 10% of the portfolio.

Other top holdings include International Personal Finance (LSE:IPF), RELX (LSE:REL), Jet2 Ordinary Shares (LSE:JET2) and Next (LSE:NXT), as well as the US-listed Rollins Inc (NYSE:ROL) and Berkshire Hathaway Inc Class A (NYSE:BRK.A).

The fund’s investment process has served it very well in years gone by. From its launch on 28 March 2011 to 3 November 2025, the fund has made a total return of 253.4%, putting it comfortably ahead of the 188.2% return from the FTSE All-Share and 158.9% from the average fund in the Investment Association’s UK All Companies sector.

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On the back of its strong performance, its assets ballooned, surpassing the £1.5 billion mark in 2021. This marked a considerable increase from mid-2016, when it had just £42 million under management.

But the fund’s quality investment style has struggled recently. The portfolio lost around 23% in the sell-off of 2022, doing much worse than both its average rival and the UK market, and has lagged in the years since. The fund has returned less than 3% so far in 2025, even as the UK market surges ahead.

Beyond style considerations the fund has seen a few individual holdings run into trouble, from Liontrust Asset Management (LSE:LIO), one of its top holdings a few years ago, to NCC Group (LSE:NCC).

The team completed its exit from the latter position in September, with Ashworth-Lord noting that the company’s plans to sell its Escode division would leave shareholders “with the accident-prone cyber security division on a standalone basis”.

The fund’s size reflects its turn in fortunes: it now has some £264 million in assets.

Practical pointers

History shows that a change in a fund or investment trust’s lead manager can have a big impact, and that it can be for better or for worse, so investors should always take note. Our feature explains what you should consider when deciding whether to hold or fold.

• What should you do when a star manager leaves a fund?
• Watch our video: how we build a defensive buffer and three new buys in 2025

However, in short, one of the main things to assess is key-person risk.

Has one fund manager been highly influential in calling all the shots, or has it been more of a team approach, with a couple of named co-managers or deputy fund managers?

If it’s the former, then a fund manager leaving for another firm or retiring, is arguably more of a blow.

In the case of Ashworth-Lord, he has been the sole manager of Buffettology for most of its history since launch in March 2011. He was only recently joined on the fund by Eric Burns (who became deputy manager in September 2024), David Beggs (who became co-manager in July 2025) and Chloe Smith (who became co-manager in July 2025).

However, the trio have worked at the company behind the SDL UK Buffettology fund for a longer period. Burns and Beggs joined the firm in 2020, while Smith joined in 2021. The trio have also managed SDL Free Spirit, alongside Keith Ashworth-Lord, since December 2022. Burns became the lead manager in December 2023.

When it comes to the Buffettology fund, the investment philosophy will remain the same. Therefore, if you like the style of the fund and what it is seeking to achieve, you may be inclined to stick with it, despite Ashworth-Lord’s planned retirement.