El Ansary cuts back exposure to IT stocks

Manager favours South African consumer stocks and Asian/Central Europe financials

J.P. Morgan’s Emerging Markets Alpha Plus fund manager Ashraf El Ansary has halved exposure to IT stocks to 10%, after recent strong gains from the sector. El Ansary, who took over management of the $218.4m Luxembourg-domiciled Sicav from Christopher Morrell in February, has cut back exposure to IT companies after his predecessor increased the portfolio’s weighting to the sector from 6% to 20% through the final quarter of 2009. The manager has used the proceeds to buy South African consumer stocks and Asian and Central European financials. The fund’s weighting in financials grew fr...