Majedie Hedge Fund Manager Sells Out of Cyclicals
Reuters Hedgeworld › September 10, 2009
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Summary
LONDON (Reuters) - 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.
Mr. Smith, who runs the 50 million ($82.56 million) 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.See the full content of this document
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Majedie Hedge Fund Manager Sells Out of Cyclicals
Instead he favors cheaply-valued stocks with high cash flow and dividend yields in sectors such...
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