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(Bloomberg) — M&G Investment Management is taking profit in technology stocks that have seen rapid gains and is instead seeking undervalued companies with strong fundamentals given volatile markets, said executive Fabiana Fedeli.
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“We took some profit out of technology. Some of the stocks from the last month had gone up one, two-fold,” Fedeli, its chief investment officer for equities, multi asset and sustainability, said in a Bloomberg TV interview.
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She said that while such moves might be warranted by fundamentals, there comes a point where the speed of the changes is excessive. She emphasized that trying to trade day-to-day market narratives is “impossible and not the way to create performance.”
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Executives are “right to be cautious” about the remainder of the year, Fedeli said, pointing out that even if geopolitical tensions ease, oil prices would likely remain elevated at $80-$90 per barrel due to depleted inventories. Her firm has responded with a company-by-company approach to identify supply chain vulnerabilities and energy price exposure.
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The investment manager continues to focus on three medium-term themes: energy resilience including renewable expansion, infrastructure, and innovation including AI. However, she cautioned that some companies in these sectors carry high debt levels, requiring careful selection in a higher interest-rate environment.
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Fedeli also revealed a position in UK gilts, noting they have “underperformed most other bonds in the world,” which she believes is “possibly unwarranted” despite concerns about fiscal policy.
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This story was produced with the assistance of Bloomberg Automation.
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