Lake picks the winners and losers in UK retail

Andrew Lake, manager of Aviva Investors' High Yield Bond fund outlines the stocks to snap up and ones to avoid during a gloomy period for the UK consumer.

Lake took over the management of the £49m fund in the summer of 2010 from Chris Higham, who manages Aviva's £404m Higher Income fund and £1.8bn Corporate Bond funds. The High Yield Bond fund has returned 43% since launch, against a sector average of 25% to 12 September, while returns over the past three months have equalled the 6.6% sector losses, according to Morningstar. Retail names to buy: Despite a broad underweight to retail, the Aviva manager still sees some opportunities within companies which are still having good results despite the decline in in the general sector. DF...