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Cazenove's Dean avoids cyclical commodities as China slows

Julie Dean, fund manager at Cazenove, is avoiding cyclical commodities as Chinese growth slows

 

Dean says: ‘We were trimming the position over a few months as we felt the company would probably deliver very good figures but wouldn’t have a material earnings upgrade to really drive them on much further. The shares have fallen, after peaking at about £6.75 and they’re now at £6.50 so they’ve now materially underperformed the market.’

Dean has also completely sold out of British Airways owner International Consolidated Airlines Group (IAG.L) to increase her holdings in Easyjet (EZJ.L).

Dean says: ‘I think the whole airline industry is interesting as it seems to be going through a phase where capacity seems to be being properly reduced so returns should improve. We sold IAG at a high level as we felt a lot of the good news was priced in and we put some of the proceeds into Easyjet, which has performed better.

However she is looking to build on her holdings in companies she expects will flourish and has bought more shares in UK technology company Cobham (COB.L), defence group Babcock (BAB.L) and Legal & General (LGEN.L).

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  • Cazenove UK Equity B GBP
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  • Cazenove UK Opportunities B Acc
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  • Sage Group PLC (SGE.L)
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  • Compass Group PLC (CPG.L)
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  • International Consolidated Airlines Group SA (ICAG.L)
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  • Easyjet PLC (EZJ.L)
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  • Babcock International Group PLC (BAB.L)
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  • Cobham PLC (COB.L)
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  • Legal & General Group PLC (LGEN.L)
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  • Julie Dean
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