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Aviva’s Fitzgerald overweights European equities

Aviva Investors multi manager Peter Fitzgerald has decided to move his portfolio to be overweight European equities.

Fitzgerald has used some of his excess cash reserves to take a new position in the £1.2bn Invesco Perpetual European Equity fund managed by Jeffrey Taylor.

Fitzgerald has given 2 per cent and 3 per cent weightings respectively in the £64m Aviva Investors Multimanager Flexible Shares fund and £146m Aviva Investor MultiManager 40-85%  fund.

He has also increased his weightings to pre-existing positions in the £2bn BlackRock European Dynamic fund, managed by Alister Hibbert, and to the £1bn Baring European Select fund, managed by Nicholas Williams.

Fitzgerald says: “We are now overweight European equities, as we wanted to capitalise on the recent falls we have seen in European equities. We see a lot of upside in this sector.”

Hargreaves Lansdown head of VCT research Richard Troue believes valuations are still attractive in Europe and that investors need to be aware that the reach of many firms goes beyond their European base.

Troue says: “We think over the past year or so, Europe has performed quite well and still looks good value. As long as there are no more big macro shocks, I think it still looks good.

“Obviously there are some short-term political risks in Europe investors should be aware of, but the long-term picture still looks good.

“People forget Europe is home to big multinational companies that have customer bases not tied to Europe so European equities is still an area we recommend to our clients.”

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