UK - Investec Asset Management is urging investors to take a more selective approach to stocks over the coming months.
In its monthly investment review Investec recommends that asset allocators steer clear of large caps and technology groups which the firm considers to be overvalued and vulnerable to downward pressure on prices and margins.
Chris Carter, head of strategy at Investec said that the firm is pushing mid-caps because as a group their earnings are holding up much better in the current economic environment.
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