Guy goes underweight banks for first time in two-and-a-half years

Moving underweight banks for the first time in two and a half years in June held up returns on Gartm...

Moving underweight banks for the first time in two and a half years in June held up returns on Gartmore European during recent market volatility. Manager Roger Guy said he also took a more defensive stance, adding to the position in the food producers sector for example. Stocks bought in recent months include Group Danone, Nestlé and supermarket giant Carrefour, while Guy cut positions in ABN Amro, BBVA, HVB, Julius Baer, UBS and San Paolo. Over the year to end September, the trust has produced NAV growth of 20.2% against 16.9% from the benchmark FTSE World Europe (ex UK). The trust...