View the article online at http://citywire.co.uk/money/article/a580134
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 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).
News sponsored by:
After Boris announced he was backing Brexit, sterling suffered its biggest slump in six years. Our Market Mavens discuss. Follow the Market Mavens LinkedIn page for weekly videos, in which our panel of industry experts share their views on financial news
More about this:
Look up the funds
Look up the shares
- Sage Group PLC (SGE.L)
- Compass Group PLC (CPG.L)
- International Consolidated Airlines Group SA (ICAG.L)
- Easyjet PLC (EZJ.L)
- Babcock International Group PLC (BAB.L)
- Cobham PLC (COB.L)
- Legal & General Group PLC (LGEN.L)
Look up the fund managers
Tools from Citywire Money
From the Forums
Weekly email from The Lolly
Get simple, easy ways to make more from your money. Just enter your email address below
An error occured while subscribing your email. Please try again later.
Thank you for registering for your weekly newsletter from The Lolly.
Keep an eye out for us in your inbox, and please add email@example.com to your safe senders list so we don't get junked.