Staunch contrarian Bill Mott is again bucking a trend in the IMA UK Equity Income sector, boosting the number of holdings in his PSigma Income fund in a bid to capture a thematic-based market revival.
As many income managers reacted to 2008's market carnage by reducing their holdings, Mott took the number of stocks in his fund from 100 a year ago to 118. In gradually downsizing his bank weighting last year, Mott has deliberately avoided too much single-stock risk and added from sectors rather than individual companies. While PSigma says its £398m Income fund remains a high-conviction vehicle, it continues to have an index-weighted position in defensive plays - including pharmaceuticals, utilities, tobacco. "With so many opportunities out there in the market just at the moment, we w...
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