Future uncertain for housing and financials

Housing and financials market prospects divide managers into optimists and pessimists says S&P's Cratchley

US managers remain divided on whether the worst is over for the housing market and financial sector, according to Standard & Poor's research. Analyst Alison Cratchley said that with significant disparity of returns between sectors, the most successful managers were those who made correct thematic calls and backed these with conviction. Meanwhile, backing the wrong sectors, particularly financials, was a recipe for disaster, she added. Over three months to end May, the financials sector lost 2.7% and banks 8.0%. Cratchley said an overweight position in financials hurt Legg Mason US E...