Meet the manager: Marcus Phayre-Mudge
Manager of TR Property Investment Trust.
If you weren’t a fund manager, what job would you do?
I’d return to one of my first ever jobs. I spent a brilliant pre-university year working on the conservation front line as a game ranger. I continue to support a range of animal welfare charities.
What was the proudest moment of your career?
Rather than a single standout moment, I’m proud of a long-term focus in my career: the many occasions where we’ve worked with smaller listed property companies to improve their fortunes and prevent them from becoming irrelevant to equity investors. By helping them strengthen governance, refine strategy, and set a clear growth path – often through strategic mergers – we’ve supported their continued place in the public market. This is something we’ll continue to do more of.
If the opportunity arises, broaden your horizons with a period spent working abroad.
Marcus Phayre-Mudge, manager of TR Property Investment Trust
What was the most difficult moment of your career and why?
The second quarter of 2008, just before Lehman Brothers collapsed. We had maximum cash positions across TR Property and the other fund I manage. This was entirely the right call, and meant we were positioned correctly and beat the benchmark – albeit during a period of poor absolute performance. My philosophy is to be as open as possible and spend as much time as I can talking to shareholders about our strategy. Yet with such a defensive stance, we couldn’t go on the road to market the funds. The mood was very much “batten down the hatches,” so it became a period that tested both conviction and shareholder communication.
What advice would you give to your 20-year-old self?
If the opportunity arises, broaden your horizons with a period spent working abroad.
Away from the workplace, how do you spend your time?
I spend as much time as I can with my family and teenage children (as and when the latter want to hang out with the old man) along with what my wife calls “agricultural tinkering”. More specifically, that means trying to rescue the eight trees I planted earlier this year.
Tell us about any music/concert you recently enjoyed and why?
I recently went to the Isle of Wight Festival, where the highlight was seeing Sting. I admire his work ethic and energy at 72 – though I suspect his personal chef and rather joyless-sounding healthy diet may have something to do with it.
What is your favourite film of all time and why?
Withnail and I due to its wonderful combination of wit and absurdity. I like that it was a low budget production (always a value investor!) and was never expected to become a cult classic. It also has a brilliant screenplay that reveals more with each viewing, and a great soundtrack to match.
In your personal life, what would you like to achieve in the next 12 months?
Keep my trees alive through the recurring heatwaves.
