Stavis banking on success

conference

fidelity UK equity manager increases exposure to sector at expense of utilities and pharmas

Fidelity UK equity income manager John Stavis is taking a firm bet on the banking sector. The manager of the group's Income Plus fund has increased his exposure to the sector by 6% over the past 12 months at the expense of utilities and pharmaceuticals. He now has a 5% overweight banks against the FTSE All-Share. Four of Stavis' top 10 holdings as at the end of March were banks: Royal Bank of Scotland (RBS) at 6.3%, HSBC at 3.9%, Barclays and Lloyds TSB at 3% apiece. Stavis is particularly keen on RBS, arguing that in today's tougher market environment it is an example of exactly the so...