Old Mutual UK small-cap manager Dan Nikols is underweight real estate following a two-year run by th...
Old Mutual UK small-cap manager Dan Nikols is underweight real estate following a two-year run by the sector. Nikols, part of a team running £1bn of mid and small-cap money, is also underweight food producers, where he predicts margins will continue to be squeezed by large supermarkets, leaving them vulnerable to shorting by hedge funds. Other light areas are transport, which he sees as a competitive market, and retail and leisure, which he characterises as full of downside risk, particularly now sell-side analysts are talking it up after a poor 2005. Among the areas he favours are suppo...
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