Fund managers look to old economy stocks

Professional Adviser
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In Europe the main focus for fund managers has been the switching between the new and old economy st...

In Europe the main focus for fund managers has been the switching between the new and old economy stocks. Stuart Gilmartin, European fund manager for SGAM, says: "The switching has been driven by Nasdaq. If there are good figures in telecoms in the US, Europe usually follows." However, Adrian Fowler, fund manager for Aberdeen European portfolio, says: "We are cautious about valuations for high growth sectors such as technology, media and telecom stocks. They are broadly overweight in the market and it is difficult to see why people are going to put more money into these sectors." Fowler p...

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