Securities trust oil focus

By Jenne Mannion The £600m Securities Trust of Scotland is overweight in the oil, pharmaceutical and tobacco sectors, as well as some niche financial companies. Tom Maxwell of Martin Currie, who manages the portfolio, said these sectors have strong cash generation characteristics, as well as some of the strongest earnings revisions in the market. He said: "The oil price has surprised analysts by being as robust as it is, at around $30. We anticipate the average oil price next year will end up higher than most market forecasts of around $22." He prefers pharmaceuticals to other defensive...