Premier's White adds to cyclicals ahead of 'market bounce'

Premier's Chris White is taking advantage of bearish market sentiment by boosting cyclical exposure and trimming defensives in anticipation of a bounce in equities.

White said there is a danger of becoming complacent in holding onto blue chip defensive names for too long and is looking to get ahead of the curve by adding to the cyclicals that have been sold off indiscriminately. White, who runs the £325m Premier Income fund, has introduced advertiser WPP and tech firm Smiths Group into the portfolio, while trimming utility names and mega-cap defensive stocks such as British American Tobacco. He has also cut Imperial Tobacco by 1%, opting to take profits amid concerns the sector will struggle to sustain its strong performance after a year in which...