By Leo Bland Morley Fund Management is overweight technology and growth stocks in the US on a six to...
By Leo Bland Morley Fund Management is overweight technology and growth stocks in the US on a six to 12 month view, despite the sector's outperformance last year, and has cut weightings in cyclical stocks. US equities gave a return of 20.6% in 1999, compared with 28.3% for the FT/S&P World index. Against this the average S&P 500 stock saw a fall of 1.4% last year and the return on the S&P 500 index excluding technology was 2.5% compared with 19.5% for the index as a whole during last year. Charles Brand, head of global equities at Morley, CGU's investment arm, said: "The pace of econom...
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