Best Buys: The US consumer stocks Ignis' Ewing is backing

Terry Ewing, manager of the Ignis American Growth fund, is moving in to consumer discretionary stocks in anticipation of improvements in the domestic US economy.

Ewing currently has a 4% overweight in the sector, having recently bought into consumer electronics firm Best Buy as a domestic turnaround story. "We expect specific cyclical sectors to lead the market over the balance of 2013," Ewing said. "The market has plenty of reasons to find support at these levels, and assuming yields do not continue to rise at a similar pace, the economy is on a reasonable footing going into the second half of the year. "Consumer spending should be aided by recent CPI [inflation] weakness, and mortgage rate rises will not imperil the continued rise in house p...