Global Money Management - F&C Buys Oil-Related Stocks, Sells Financials

F&C Buys Oil-Related Stocks, Sells Financials

F&C Management has added to its position in oil-related service stocks, which it believes are reasonably valued, and has sold financials, such as insurance companies, according to Atul Patel, head of global equity in London. Insurers have reduced their exposure to equities, and therefore will not benefit as much as the market expects when equities recover, he said. The firm has also sold consumer staples, which are trading at or above fair value.

Compared to the MSCI World Index, F&C is overweight the U.K., underweight the U.S., Japan and Asia Pacific, and neutral Europe.

U.S.: The firm owns drilling company Nabors Industries and Canadian oil and gas giant EnCana. It has sold beverage producer Anheuser-Busch. The firm likes McDonald's, because management has curtailed its ...

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F&C Buys Oil-Related Stocks, Sells Financials

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