Beagles and Lowen snap up domestic names after sell-off

JOHCM Income duo move overweight in life and non-life insurance companies

Clive Beagles and James Lowen have been adding cyclical positions to the £1bn JO Hambro Capital Management UK Equity Income fund, dipping their toes into domestic stocks after the recent sell-off.

Beagles said they have been adding to positions over the past six weeks during market weakness, moving very overweight in the life and non-life insurance sector and exposing the fund to selected consumer stocks. The fund had 9% in financial services on 31 May, compared to the FTSE All Share’s exposure of just over 2%, and also had 6% in non-life insurance and 7% in life insurance. In financial services, the managers have added a 2% position in private equity firm 3i to the portfolio. “There has been a change in chief executive, which we think is a healthy change. There will be a re...