Miton's Moore 'not tempted by Brexit bargains'

Favouring oil sector

UK equity income manager Eric Moore has said he wants to be "far away" from domestic UK equities following the Brexit vote and plans to increase his fund's international exposure.

Moore (pictured), who manages the £187m Miton Income fund, had been neutrally balanced between domestic and international companies ahead of the EU referendum but saw returns fall 1.3% on 24 June due to exposure to media firm ITV and housebuilder Taylor Wimpey, the latter falling as much as 35% on the day. He has now halved his exposure to ITV and completely sold out of Taylor Wimpey, with his fund up 8.3% since 24 June. The manager now intends to focus the fund on companies with international earnings, rather than domestically-focused names. Are mid caps facing a period in the wilder...