Schroders' James Sym has made a number of changes to his £940m European Alpha Income fund, including reducing the allocation to banks and buying into telecommunications and pharmaceuticals.
Though this is not the first time Sym has invested in telcos in the fund since its launch in 2012, he has recently increased holdings to "by far the highest allocation" the fund has ever seen. Currently, around a quarter of the fund is made up of telcos, including Orange in France (the highest allocation in the fund at 5.1% as of 31 March), Telefónica in Spain, and Deutsche Telekom in Germany. Polar Capital's Davis: Our outlook for the European telecoms sector "Telcos are hitting a 20-year relative low and are absolutely hated, but they are just about to return to an inflationary e...
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