Rensburg's Spencer swaps overseas for UK domestics

Rensburg's Paul Spencer has turned over 15% of the UK Mid Cap Growth trust to ramp up exposure to UK domestic stocks.

In the past three months Spencer has slashed the fund’s allocation to companies deriving profits from overseas from 65% to 50%, and increased its UK domestic weighting from 35% to 50%. “While some might raise an eyebrow at increasing our investment in UK-facing stocks at a time when the outlook remains pretty bleak, we believe the market is now taking this fact into valuations,” Spencer said. Although the shift has had a slightly negative impact on performance, Spencer is confident the strategy will pay off in the longer term. “The average price of stocks we bought has not moved mu...