Fund manager's comment: Pockets of value among the mid caps by Tim Russell

Life has become somewhat easier for the beleaguered UK equity income fund manager. For those fund managers who run their portfolios with the 'value' tilt which has predominantly been the domain of the income fund manager, the change in sentiment about the global economic outlook in 1999 and genuine signs of a recovery in Asia and Japan has led to vicious sector and size rotation. This is typical of this stage of an economic cycle and provides favourable conditions for income funds. Although the median income fund still trails the index in 1999, it has outperformed the median growth fund an...