Large-cap strategy still to pay off for Russell

Tim Russell's decision to move out of high beta stocks has yet to bear fruit but he is sticking to his beliefs and expects a slowdown in the second half of 2004

Cazenove UK Growth & Income manager Tim Russell's decision to move out of high beta stocks has left him languishing in the fourth quartile over three months. Despite being ranked 242 out of 298 in the UK All Companies sector to 5 April, Russell is continuing with his strategy of moving into large caps in anticipation of a slowdown in the second half of 2004. Russell, who concedes he moved out of high beta stocks too early in the last quarter of 2003, now has 79% exposure to the FTSE 100 and is evenly balanced between cyclicals, to capture the tail end of the rally, and defensive plays. Hi...