Ignore Brexit noise, says top UK manager betting on small caps

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(File, AFP)
(File, AFP)

The UK’s divorce negotiations with the European Union will be less of a driver for equity markets in 2017 and that should benefit investors in smaller businesses, according to one of Britain’s best stock pickers this year.

Sterling’s decline, which boosted firms with overseas earnings, is unlikely to be replicated, said Richard Penny, a London-based senior fund manager who oversees about £750m at Legal & General Investment Management, making stock picking more important.

He’s counting on small companies in software, electronics and advertising to keep him among the top stock pickers this year.

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