Stick shifts focus to cyclical names as markets nosedive

Rathbones' Income manager's softens defensive stance to buy media and hotel stocks.

Markets have seen widespread sell-offs in recent weeks, but Carl Stick’s avoidance of miners, banks and life assurers has served him well during the worst patches. His £582m Rathbone Income fund has held up better than most, falling 7.1% against the 10.4% average loss across the sector over the past three months. However, the manager said the choppiness of market has led him to slightly reduce his defensive stance and has offered some opportunity to add to exposure in economically sensitive names, including Daily Mail and General Trust and InterContinental Hotels Group. “This may so...