Lyttleton takes steps after bleak September

Manager has taken UK Dynamic money out of oil sector and spread around defensive names to remedy underperformance

Mark Lyttleton has admitted taking steps to remedy a performance slide on his UK Dynamic fund after a particularly difficult September. The £1.65bn vehicle has posted a 19.1% three-month loss to 6 October, ranking 320 out of 332 UK All Companies peers. Lyttleton said September represented a continuation of the poor performance of previous months. "In the environment, you will not be surprised to know the majority of underperformance came from our positions in oil and gas and the mining sector," he added. In September, BP and Tullow Oil fell 13% and Cairn Energy reported a 31% drop, ...