Global growth managers target higher beta stocks

Managers of global growth investment trusts are split on whether or not to stay defensive or increase their beta following the rise in markets since 12 March this year. Jeremy Tigue, manager of the Foreign & Colonial Investment Trust, says although he has lowered his gearing level from 11% in mid-March to 8%, he is moving away from less defensive stocks and increasing the beta of the £2bn trust. He adds: 'While the summer is likely to be volatile, we think we are now past the bottom of the market. 'As a result, I have been reducing the trust's exposure to utilities and beverages...