Gartmore is flying in the face of investors fleeing the US in the wake of the sub-prime fallout by adding American stocks to its portfolios.
In the most striking case, the Bank of America has been added to the firm’s Global Focus and SICAV Global Focus funds’ concentrated list of shares. The Bank of America, with $1.5trn in assets, is the second-largest bank in the US, covering some 30 states from coast to coast. Fund manager Neil Rogan says the Bank has been a key player in the US in coming to the aid of one particular company hit by the US struggles – Countrywide Financial. Rogan says: “As the fallout from US sub-prime problems continues to unnerve international investors, it may seem counterintuitive to add a US financial ...
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