Fidelity takes cyclical bias

Tim McCarron has introduced a cyclical bias since taking over Fidelity's European Values investment trust from Anthony Bolton last year. However, he has carried on Bolton's stockpicking style, which involves looking for undervalued companies, often in recovery situations or firms which are achieving unrecognised growth. Alex Tarver, senior fund analyst at Fidelity, said McCarron is moving the portfolio slightly towards a more cyclical stance away from its more defensive positioning of last year. He has increased weightings in the telecoms sector as well being overweight in cyclical serv...