Russell in cyclical switch

manager of cazenove uk growth & income fund tim russell moves out of value defensives

Manager of the Cazenove UK Growth & Income Fund Tim Russell has made a tactical switch from value defensives into industrial cyclicals in recent months. Speaking at the group's investment conference last week, he admitted this move could prove to be wrong if a slowdown occurs this quarter, however. Russell, head of pan European equities at Cazenove, said UK industrial performance has been anaemic in the last year, with only five out of the last 12 months seeing positive industrial output. However, he said the strong global industrial cycle is positive for the UK and has subsequently incr...