M&G's Somel maps out new direction for Global Basics

M&G's Randeep Somel is looking to steer the £4.2bn Global Basics fund into new territory when he takes over from Graham French, buying technology, pharmaceuticals, and financials in a first for the portfolio.

French (pictured), who announced his retirement yesterday after a 25-year career at the firm, said in October he would not invest in the sectors despite their absence detracting from performance, urging investors to look elsewhere for exposure to these areas. "The last 12-18 months have been challenging as we have seen a rotation into technology, financials, and areas like pharma," he said. "That is one reason why we underperformed the world index over the last year. "I beg people in this fund who think it is going to invest in financials and banks to maybe look at other funds," he sa...