Mid single-digit returns achievable throughstockpicking in 2003

There has been a comparative advantage in being an income fund manager in recent years. Income funds have offered risk-averse investors some stability at a time when the UK stock market is down around 25% over 2002. It could be argued it has been relatively easy to play the value game up to this point. Defensive areas of the market such as beverages and tobacco have performed well at a time when stock markets have been continuing to address technology issues. I expect it will be more difficult in future and individual stock selection will be key as the policymakers reflate the global eco...