Continued mining bet hits Nutt trust

Manager's decision not to hold major mining stocks has damaged returns on trust

Anthony Nutt's call not to hold major mining stocks dented returns on his Jupiter Second Enhanced Income trust over six month to end April. Looking forward, he is expecting a marked slowdown in the UK economy as autumn approaches and the effects of the contraction in credit markets moves into the wider economy. "This time around, unlike 2001-03, British consumers look set to bear the full brunt of the slowdown," he added. "But unless unemployment rises sharply, we do not expect a recession in the near term. The big question is how far Western economies will slow at a time when interes...