M&G raises media bias

By Leo Bland M&G's European growth fund has moved underweight financials due to the perceived increase in competition from the internet. At the same time the 54 stock portfolio has moved overweight media. M&G European, which is managed by Susan Smith, looks to focus on companies with strong growth prospects where a firm's advantages are not fully recognised by the market. The fund is benchmarked against the FT Europe ex-UK index. Smith is not keen on financials as she believes the bank margins are being eroded by new entrants. She favours media companies as their products are taking u...