Liontrust's Cross favours 'unloved' oil majors

Anthony Cross and co-manager Julian Fosh, running the £53m Liontrust Special Situations fund, have returned more than three times the IMA UK All Companies sector average over the past three years.

Here, Cross explains why he is backing ‘cheap’ oil majors to outperform, and why it is too early to return to UK consumer-facing stocks. Is BP still a recovery play or has the stock run its course given the threat of action from the US government still hanging over it? We had around 3% in BP when the disaster happened, and we bought some more after it dropped in price, so it is now worth around 3.9% of the fund. We do like the stock as it is unloved, like its peer Shell, and both these companies are not expensive at these levels. We are happy to hold them, especially as there are bar...