Split caps offer play on old economy recovery

Geared ordinary shares and income shares of split caps are looking good value for those who see old economy stocks making a comeback. Until three weeks ago both investment trust shares classes were having a torrid time as market sentiment continued to favour technology companies. With the market returning to old economy stocks, splits, which have tended to invest in them, have seen their share prices go up. The geared ordinaries of Jupiter Income & Growth have gone from 69p in February to 84p on 24 March. Even so, Johnson Fry sees more upside for the sector. Andrew Whalley, fund manager...