SIG adds JPM financials fund to Global Dynamic

Skandia Investment Group has introduced the JPM Global Financials fund to its flagship £800m Skandia Global Dynamic Equity fund.

The move increases SIG's weighting in financial stocks in the most liquid part of the Skandia Global Dynamic Equity fund portfolio. Portfolio manager Ryan Hughes says financials are significantly out of favour across the asset management industry but are cheap on a relative and absolute basis. "In our view, the financials are benefiting from the very steep yield curves around the world, meaning that they are making lots of money from traditional banking - borrowing short and lending long - and this is going a very long way to repairing their damaged balance sheets," Hughes says. "W...