BlackRock UK Income's top ranking is down to exposure to financials

McLeod-Clarke's return to bullish banking stance pays off

BlackRock's Nick McLeod-Clarke has been buying back into banks while reducing the UK Income fund's exposure to defensive stocks. He says his top-ranking position in the IMA UK Equity Income sector over one year to 13 April was largely due to slashing the fund's exposure to financials - which were mainly banks - from 43.3% to 34.5% last October. However, McLeod-Clarke is now more bullish on banking stocks, taking a position in Barclays in March, and adding to others in recognition the UK markets were at a low point. Financials are now the biggest sector weighting at 24.8%, although the...