Majedie hedge fund manager sells out of cyclicals
Friday, September 11, 2009 : PermalinkReuters – Read Complete Article – Majedie hedge fund manager Matthew Smith has rotated his portfolio out of cyclical stocks and into value stocks with high yields, in another sign hedge funds think equities are susceptible to a pullback.
Smith, who runs the 50 million pound Tortoise long-short equity fund at Majedie Asset Management, has recently sold banks as well as shares in other companies sensitive to economic growth because he believes their valuations are now stretched.
Tags: asset-management, hedge funds, long short equity, value stocks
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