Mitchell reduces his exposure to cyclicals

RLAM manager takes profits from strong cyclical bias

Royal London UK Special Situations manager Derek Mitchell has begun to reduce exposure to cyclical stocks after profiting from a strong overweight during the market rally over the last month. Mitchell had recently built up a 65% weighting to cyclical companies in his £219m portfolio, but the manager has brought the exposure back to 60%. The strong cyclical bias has paid off for Mitchell, seeing a number of stocks returning upwards of 75% over the past four weeks. "Having been in very early I am now taking profits out simply because the gains we have seen, particularly in the past mont...