Hibbert increases cyclicals by 30% in Euro Dynamic

BlackRock's Alister Hibbert has increased cyclical exposure by over 30% during the past five months ...

BlackRock's Alister Hibbert has increased cyclical exposure by over 30% during the past five months on his European Dynamic fund. Having recently called the start of a bull market, he held 41.7% in self-defined cyclicals at the end of November, increasing this to 72.8% by April. Meanwhile, his defensive weighting fell from 45.8% to 23.3% over the same period. "We define ourselves on whether businesses are defensive. If company's earnings are flat in a difficult year then it is a defensive asset," says Hibbert. "In November, the fund was very defensively positioned - even cyclicals h...