Liontrust's Bailey and Luthman sell Nestlé on 'rich' valuation

Liontrust's macro fund managers Stephen Bailey and Jan Luthman have sold out of Nestlé just six weeks after making their initial purchase.

On 15 June Investment Week reported the pair had added the stock to the Macro UK Equity Income fund to boost their exposure to global consumer staples. However, while they are still bullish on the overall theme, they have sold the European stock when it reached an all-time high. The pair said: "We bought at 54CHF six weeks ago but recently sold when it reached a high of 59CHF. We will stay out of it for the time being as the valuation is looking much too rich. We liked it because of the Pfizer acquisition but this deal is not set to be completed until 2013. However, we continue to hol...