BlackRock's Lyttleton falters in July but remains confident

Current best-selling UK manager Mark Lyttleton said his underweight to interest-rate sensitive and ba...

Current best-selling UK manager Mark Lyttleton said his underweight to interest-rate sensitive and bank stocks has proved ‘painful’ in July to date but will continue to reward long-term. The manager said BlackRock UK Absolute Alpha is in negative territory for the month so far, making July the first down month since June 2007, although the fund is still up 6% year to date. But he is not changing the portfolio dramatically because he believes oil prices will remain structurally high despite the drop this month which caused the rally in interest-rate sensitive and banking sectors. “The c...