Liontrust macro duo take profits on Heinz and Unilever

Liontrust's UK equity managers Jan Luthman and Stephen Bailey have been diversifying their overseas exposure and cutting back on consumer staples firms as they take profits from stocks including Heinz, Unilever and Reckitt Benckiser.

Having sold out of Heinz – set to be bought by Warren Buffett’s Berkshire Hathaway at a 20% premium to its share price – the pair have retained their hefty overseas exposure by adding to US companies such as AT&T and pharmaceuticals Eli Lilly and AbbVie. Luthman and Bailey, long-time bears on sterling, see fair value for the currency at $1.45 against the dollar, a further 4% below its current level of around $1.50. The duo hold over 15% of both their £98m Liontrust Macro UK Growth and £298m Macro Equity Income portfolios in non-UK stocks, with 34% of the companies in their income port...