Aegon's European Tactical fund is to adopt a more aggressive position to take advantage of cheap sto...
Aegon's European Tactical fund is to adopt a more aggressive position to take advantage of cheap stocks on the continent, according to its manager Mark Peden.
He said that he is set to take a more aggressive approach and move the fund down the quality curve to take advantage of undervalued European manufacturing and chemical stocks.
Peden is to change the way he selects stocks to reflect current market conditions. He said: 'Before we were selling at the rallies and now we are buying at the dips.' Peden completely reassessed the fund after the 11 September attacks and sold all the consumer sensitive stocks including blue-chip stocks like BMW and Philips.
The fund is also less heavily weighted in defensives like pharmaceuticals and bank stocks, opting instead for industrial companies where values are low. He said that he was interested in companies that had recently put out bad news. He said: 'When companies begin downsizing, that's good news from a shareholder point of view.'
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