SLI's Legget moves overweight miners and offloads BP

Standard Life Investments' Ed Legget has moved overweight miners to take advantage of falling share prices across the sector, but has cut oil major BP from his portfolio.

Legget, manager of the £355m UK Equity Unconstrained fund, says the asset class is still undervalued after the sell-off in emerging markets at the start of the year, and has added 5% to the space. He has topped up positions in miners Vedanta, Rio Tinto and Xstrata, taking total mining exposure to 15.4%, a 2.5% overweight to the sector average. To fund the move, Legget wiped out a 4% position in BP, before a planned tie-up with Russian state-owned oil giant Rosneft was blocked by the courts. “I have moved overweight mining companies to take advantage of stocks falling to low valuations...