Anthony Bolton announced last week that he is shorting stocks for the first time. However, he says it is only a small part of the £3.2 billion Fidelity UK Special Situations portfolio.
“It’s an extra part of the things I have available to me,” the fund’s manager said during an address, “to make money or protect the fund.”
As well as discussing what makes a good fund manager and outlining his own investment approach, Bolton predicted that the financials crisis “will affect the real world”. When to get back into financials was a key question for fund managers at the moment, he said. He added that he was increasing his exposure to the sector.
Although he was still in the “cautious camp” in outlook, Bolton added that he was less negative now than he had been. Media was his biggest area of investment because it was “cheap and under-owned by investors”.
Bolton was speaking at a Morningstar conference.