BlackRock's Mcleod-Clarke bearish on consumer and wary of banks

BlackRock's Nick Mcleod-Clarke is continuing to avoid consumer-related sectors but believes banks are...

BlackRock’s Nick Mcleod-Clarke is continuing to avoid consumer-related sectors but believes banks are currently harder to call. The manager of the group’s £285m UK Income fund is slightly underweight the banking sector, which until recently was the long-time darling of income specialists. “The banking sector is harder to call,” said Mcleod-Clarke. “We are slightly underweight and at the moment my temptation is to go more underweight. But share prices can move quite aggressively so we need to think about timing.” The fund currently features HSBC and RBS in its top 10 list. “They have ...