Gifford looks to overseas earnings to beat downturn

Old Mutual's Michael Gifford believes focusing on UK-listed multinationals will shield his fund from ...

Old Mutual’s Michael Gifford believes focusing on UK-listed multinationals will shield his fund from market downside. The manager of Old Mutual Equity Income said many of these companies derive a high proportion of their profits from outside the country, particularly mining, oils and consumer staples stocks. “We believe that by virtue of their international diversification they still have good prospects for earnings growth over the next couple of years,” he said. “This is notwithstanding the difficult economic environment in the UK.” And, the manager will avoid consumer- or governmen...