Premier's White: The one bond proxy where I see value

Avoided bond proxies previously

Premier Asset Management's equity income manager Chris White has made a rare foray into bond proxies with the addition of a holding in telecom BT.

White (pictured), manager of the £403m Premier Income fund, said it was becoming harder to find good value stocks for the fund, which has an income value focus. He is currently favouring financials, industrials and consumer discretionary stocks, while avoiding 'bond proxies' such as utilities and telecoms. However, he has recently made an exception to this general rule by adding a 2% position in telecom giant BT following its share price falls in January. BT shares slumped 19% on the back of an earnings adjustment over an accounting scandal in its Italian business. Following an aud...