Axa's Luckraft blames banks for underperformance

Axa Framlington's equity income manager George Luckraft has admitted banking stocks have been detrime...

Axa Framlington’s equity income manager George Luckraft has admitted banking stocks have been detrimental to many income specialists’ returns over the last year, including his own. Performance on his Equity Income and Monthly Income funds has come off over the year to 12 May, underperforming the sector average by 6.6% and 7.6% respectively, with each fund losing almost 20%, according to Morningstar Luckraft said banks could not be avoided because they represent one-third of the income of the UK market. “I have been underweight banks the whole time but that has not helped. My other prin...