Colin McLean has taken SVM UK Active to near its maximum allowed exposure to resources firms on expectations of drilling success and M&A.
A position in BP has wiped 10% off the dividend growth on the £580m JO Hambro Capital Management UK Equity Income fund for 2010.
There are still opportunities in the UK market despite a low level of economic growth, according to Slater Investments' CIO Mark Slater.
Small caps have begun to perform for Axa Framlington's George Luckraft following two tough years in which they dragged his fund to the bottom of their peer groups.