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Fund managers shun volatile commodities

The resource-driven markets posed a major dilemma for UK equity income fund managers in the first seven months of this year , says Standard & Poor’s latest update on the sector.

S&P fund analyst Michael Hockings says some managers were reluctant to invest in sectors where profits are dependent on commodity prices and trends are difficult to predict.

The FTSE All-Share index, including reinvested income, rose by 12.4 per cent over the period while the median equity fund income fund climbed by 11.3 per cent on a total return basis and the UK equity and bond sector the median fund was up by 9 per cent.

Most managers are opt- imistic on prospects for the UK equity income sector, but less so than two years ago. BWD Rensburg’s Colin Morton feels that UK equities have already achieved what he was expecting for 2005 as a whole.

S&P research analyst Peter Fuller says: “The market has been difficult and the only ray of light is the smile on the faces of equity income managers. There is a concern that the market is about to dip and managers have become more cautious. This is playing into the hands of equity income managers who naturally sit at the more defen

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