Urquhart backs Petrobras

iw investment trust forum 2008

Baillie Gifford manager steers clear of global financials stocks on Edinburgh Worldwide

Mark Urquhart sees no opportunities in the worldwide banking sector and is continuing to back his top position in Petrobras on the Edinburgh Worldwide Investment Trust. The Baillie Gifford manager has not held any financials positions this year, still believing there is a lack of good valuations available. "We always ask companies what is the long-term competitive advantage in their business. Not many banks can answer that at the moment. They have all copied each others' models for lending and the kind of products and are now all unwinding in the same way. "We also ask if their custom...