Bolton focus on old economy stocks

Investors should lock in their growth profits now and gain a higher exposure to value stocks, accord...

Investors should lock in their growth profits now and gain a higher exposure to value stocks, according to Anthony Bolton, fund manager of Fidelity's UK Special Situations. Speaking at Fidelity's investment conference last week, Bolton said in the early part of 2000 there had been some good opportunities around for value-orientated investors at attractive valuations. Bolton currently has 75% of the Special Situations fund in old economy areas such as housebuilders, ports, tobacco, property and airlines, which have been marked down to what he considers cheap valuations. He said: "I have p...