Invesco's Barnett: Mid-cap index still ‘pricey' despite slump

The UK mid-cap index still look pricey despite a sell-off which has left it down 7.5% year-to-date, according to Invesco Perpetual's head of UK equities Mark Barnett.

In a webcast this morning, Barnett, manager of the Invesco Perpetual Income and High Income funds, cautioned against a more positive view on mid-caps despite acknowledging "opportunities" that have arisen from the sell-off. The FTSE 250 ex-ITs index has fallen 7.5% this year as of this morning, worse than the 4.8% fall for the All Share ex-ITs or the 4.3% fall for the FTSE 100. Barnett held 31% of Invesco Perpetual Income in stocks with a market cap of £250m to £5bn as of the start of October. With mid-caps typically defined as those between £300m and £3.5bn in size, this suggests a s...