Hermes proposes a game against the Americans on slate development

      "Many small-cap investors try to identify the next hot topic" Anstey observed. "It's not what we do. Indeed, we will probably run a mile away.

The manager continued: "You, companies that promise too much, after finding carried away by the hype you pay more for the growth that is illusory..

For example, put Anstey, that it prevents the U.S. housing market before the subprime crash, bought it through recovery and now take profits if the stock prices rose. His fund currently has no contact with real estate investment trusts (REITs), although with 8 percent of its benchmark, the Russell 2500 index.

"The glamor stocks to be hardest hit, because everyone is packed in them," Anstey said. In fact, the U.S. REIT beat the broader market by five percentage points between January and 22 May But after that date, if the proposal that the Federal Reserve could reduce their stimulus was made by the President, REITs fell eight percentage points higher than the market.

But while such unconventional style could mean an aversion to the excitement of the shale resources in the United States, Anstey has found opportunities in the industry.

"Energy is one of the worst sectors last year and this year was," Anstey said. Since early 2012, U.S. energy companies, almost half of the total return generated by the market as a whole. "This is a good place to start looking."

A group of utilities in North Dakota, which also has shale gas exploration and production assets: Anstey has built a stake in MDU Resources (NYSE MDU). He has an annualized return of 11 percent over the past two decades supplied, mainly because of its record of paying dividends without interruption for 75 years.

As for the future, Anstey also stressed MDU plans billion over the next five years to spend more than ￡ 2.5 On the investment project - funded by cash flow, no debt. "Many U.S. companies sitting on cash prudently," Anstey said. "This is a company to take a risk and invest in the future. We are.

If the shale gas boom turn to bust, argued that Anstey MDU still thrive. "This is the only program in North Dakota, he said.". You only need one and it's a competitive advantage, "But he predicted that the state - now we have the second largest oil producer in Alaska - would thrive on this" only removed the surface "resources.

It took more comfort diversified MDU, a construction company owned by the dominant port on the west coast.