Mott admits bank stance has hindered performance

Veteran Income manager admits impact of bank overweight but maintains focus on "once in a decade" opportunities in domestic-facing stocks

Bill Mott has admitted his overweight banks position has hindered performance on PSigma Income, but still continues to back these and other domestic-facing stocks. The veteran manager believes consumer stocks and the banks are pricing in a significant recession, something he believes can be avoided through interest rate cuts. "Things have not panned out as I expected and our strategic overweight has worked against us but on a medium-term view, we will be retaining our overweight position," he added. "Large areas of the UK market are discounting a significant recession and other areas ...