Pru US fund takes profit on telecoms

Richard Brody, manager of the Prudential North American fund, has pared back an overweight position in telecoms, taking the opportunity of a sector rally late in 2002 to extract profits. The £146m fund has a minor bias away from large-cap stocks and is currently overweight in energy, financials and consumer cyclicals such as retail and auto stocks. 'We are still moderately overweight telecoms but that has come down over the past month or so,' he said. 'The sector had a rally in the fourth quarter and we took advantage of that to sell some stock.' Brody believes there is currently litt...