Franklin's Spencer jettisons UK Mid Cap fund favourites

Franklin Templeton UK Mid Cap fund manager Paul Spencer has sold some of the portfolio's longest-held positions after taking advantage of the post-election UK equity rally.

The manager of the £1.1bn fund has exited a five-year holding in property firm Grainger and a position in Howden Joinery, which he has held for almost a decade, as part of a rotation out of UK-focused stocks. Spencer said he had removed six percentage points of UK-focused exposure from the portfolio, largely on valuation concerns, with housebuilders a particular area of focus. "Post-election we took advantage of some very strong moves in UK stocks to reduce our domestic exposure. We looked at valuations that have become a bit more fulsome and took a decision to reduce what was a very ...