Newton's Wilmot moves back into banks

Manager of Newton Growth and Income funds ups weighting in financial stocks and cuts back defensives as market cycle rotates

Richard Wilmot has just completed his fifth year at the helm of the Newton Growth fund and has recently been handed responsibility for the Newton Income fund. The Growth fund is sitting 24th out of 299 funds in the UK All Companies sector over one year. It is also top decile over three and five years. Unusually for a growth fund, it significantly outperformed the wider All Companies sector in the sliding markets of 2007 and 2008, but marginally underperformed the rising markets in 2009. Financials are your largest sector position. What is your view on banks? We have shifted our pos...