Sector gains on managers' rotations

Towards the end of November the average income fund started to outperform the average UK All Companies fund over a rolling 12 month period. It must be said that this out performance has had more to do with negative events in other areas of the market rather than positive developments among traditional income stocks. With healthy institutional cash positions, investors have simply rotated within the market, but often with little conviction. Most fund managers remain pro-growth, looking for the opportunity to buy the tech sectors again. Although few tech stocks offer any yield attra...