Allianz's European equities team snaps up former ‘safe havens'

Allianz Global Investors' European equities team has been buying up former ‘safe haven' stocks which look cheap relative to lower quality peers.

Portfolio manager Marcus Morris-Eyton (pictured) said the rally in 2013 mainly affected the lower-quality areas of the market. “For long-term investors, this provides an interesting opportunity,” he said. “By and large, it is the lower-quality end of the market that has re-rated. This has given us a very attractive entry point into quality names which are now no longer trading at a premium to the broader market. Recent additions to the £3.4bn Allianz Europe Equity Growth fund include drinks giant Diageo; Whitbread, which owns Premier Inn and Costa Coffee; and Irish insulation provider...