M&G fund manager Tom Dobell says he is seeing a number of opportunities in the consumer sector for his £7.9bn recovery fund.
According to data from Trustnet to the end of March, the fund has 9.2 per cent in consumer services and 4.7 per cent in consumer goods.
Dobell says: “The new holdings we are looking at are more in the consumer area than previously. Ratings have fallen in the consumer sector and we have taken the opportunity to pick up shares.”
Examples of shares he is holding in the consumer space include Booker, Easyjet and Mothercare. Unilever is in the top ten holdings at 2.9 per cent, according to data from Trustnet.
Dobell reinforced his position on holding BP and said it was in the first stage of recovery in terms of its potential.
He says: “The cashflow capacity it has got is awesome, but the leadership has been underwhelming. Ultimately, it should be doing better than it is in terms of where it is trading.”
The £7.9bn recovery fund currently has a 5.9 per cent position in BP, according to Trustnet. The stock is trading at nearly £4.