I’ve bought a UK retailer – what can I be thinking?
Despite retaining a view that "there is currently no reason to hold ANY UK discretionary retailers", Tony Boden has bought one - why?

I’ve bought a UK retailer – what can I be thinking?

A Grim time for Discretionary Retail

The last couple of years have been a pretty bad time to have exposure to UK discretionary retailers. There are always outliers; Next (NXT) for example is up c. 40% plus useful dividends over the last two years, although still down substantially from late 2015 valuations. Generally however, ‘lacklustre’ has been as good as performance gets for most, with “disastrous ” being more usual at the lower end of the spectrum.

For the last eighteen months (probably more), I have been patiently waiting for some signs of a corner being turned for UK retail. In the meantime, I have taken the stance that I see no reason to hold any UK discretionary retailers.

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