Miton's Gervais Williams has rotated his £1.2bn UK Multi Cap Income fund, selling out of consumer stocks and moving into energy and materials to take advantage of more sustainable dividends.
The exposure to consumer discretionary stocks in the fund has reduced from 15.7% a year ago to 8.8%, reflecting Williams' uncertain outlook on the sector. Disposals included pub group Greene King, TV production company ITV Group and housebuilder Taylor Wimpey. Miton's Williams warns of 'liftshaft activity' in UK company stock prices Williams said: "A number of consumer stocks were sold completely and the capital raised from the sale of our existing holdings has been reallocated to a number of companies where we believe the scope for dividend growth is better. The UK consumer ha...
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