Dublin — The UK’s decision to exit the EU and Donald Trump’s election shocked the world. At the headquarters of Ireland’s best-performing fund manager, David Ryan shrugged and carried on as usual. Head of multi-asset funds at Dublin-based Setanta Asset Management, Ryan said the firm is a long-term investor, focusing on underlying value rather than risk being swayed by short-term surprises. That strategy paid off in 2016 for Setanta, owned by Great-West Lifeco. Setanta’s managed fund gained 10% in the 11 months to the end of November, compared with an industrywide average return of 3.4%, according to Rubicon Investment Consulting. The fund holds as much as 80% of its assets in stocks, with Ryan buying shares in truck maker Oshkosh and Richemont, the luxury goods company. He has pulled back from government debt, instead preferring high-yielding securities tied to companies as far afield as Norway and Mexico. "As a firm we don’t trade in and trade out of positions in the short term," R...
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