PSigma's Cumming increases defensive exposure

PSigma's Neil Cumming has increased exposure to defensive integrated oil companies in his UK Growth fund on the belief investors currently have a ‘too rosy' view of the future.

Cumming has boosted holdings in oils to 20.9%, adding Royal Dutch Shell ‘B' to existing positions in BP and BG, while moving to an underweight position in mining stocks. The manager is also bullish on life insurance companies, currently 5.6% of the portfolio, which includes stakes in Prudential and Aviva. He has also boosted exposure to AstraZeneca, J Sainsbury, Wm Morrison, Reckitt Benckiser and Compass Group. But Cumming has disposed of a number of holdings which he says appear overvalued - including Rolls Royce, Bodycote International, Invensys, Phoenix IT, Aggreko and AMEC. "Wi...