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View the article online at http://citywire.co.uk/wealth-manager/article/a725443

M&G's AAA-rated Richard Hughes' top equity income picks

by Harry Brooks on Jan 02, 2014 at 12:10

Zero exposure

‘There is a similar situation in the banks, where dividends are constrained by the authorities and concerns remain about their liabilities, as has been demonstrated by the Co-op Bank’s recently discovered black hole.

‘Here, in addition to Standard Chartered, the fund holds HSBC, which is on an attractive 5% yield.

‘The position is partly for risk reduction reasons, but also for its exposure to the faster-growing markets in the Far East.’ One part of the market Hughes is less enthusiastic about is the energy sector.

‘Although the fund holds Royal Dutch Shell and BP, it is underweight the energy sector, reflecting a zero exposure to BG on concerns about the company’s earnings outlook.’

This article was originally published in December 2013's edition of our sister publication Eurostars.

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