Peter Shaw has revealed changes to his Aegon UK Opportunity fund since becoming its co-manager alongside Audrey Ryan in July.
The largest trade in the fund since July 2010 was the sale of pharmaceutical firm AstraZeneca, based on estimates its earnings momentum would deteriorate over the summer of 2010.
The fund also had some success with the purchase of Avanti Communications, a white-label satellite service for the provision of broadband which has recently launched the ‘Hylas 1’ satellite.
The fund has also sold out of its underweight position in Royal Dutch Shell and brought holdings in BP to overweight. (article continues below)
Elsewhere, the key portfolio themes remain largely concerned with exposure to emerging economies, a preference for business over consumer spending and stocks with above-average growth prospects.
To this end, the managers have purchased engineering firm Weir Group, hotel chain Millennium & Copthorne Hotels and polymer manufacturer Victrex.