Mott cuts PSigma Income holdings to 70

Bill Mott has slashed the number of stocks in the PSigma Income fund from 120 to 70, as the manager gains conviction of where future growth lies.

Mott has blended defensive UK equities and stocks tapping into the growth of the global economy, with just 10% of the portfolio having earnings exclusivity in the UK. PSigma Income's reduction in economically sensitive socks has seen mid cap exposure fall to 10%, from 24% a year ago. The portfolio has a 2% weighting to small caps. A defensive Mott believes the current momentum-driven UK market rally has gone too far, too quickly. "Many investors, lamenting that the ‘train has left the station' without them, are busy playing catch-up. "Other hedge fund managers, realising that in...