Newspaper article The Evening Standard (London, England)

Trusting Alliance Backs the Us

Newspaper article The Evening Standard (London, England)

Trusting Alliance Backs the Us

Article excerpt

FRESH from victory over dissident shareholders earlier this year, Alliance Trust chief executive Katherine Garrett-Cox, pictured above, is backing Uncle Sam after making a huge [pounds sterling]83 million bet on US technology companies.

The UK's second-largest investment trust, which manages [pounds sterling]2.45 billion, has been building its stake in Apple as well as buying into the likes of Microsoft for the first time during the third quarter, as it dramatically pares back its share portfolio.

The company said six of its ten biggest purchases were in the US, including lesser-known US wireless technology firm Qualcomm as well as wireless and broadcast company American Tower.

The reshaping of the portfolio comes after Alliance successfully chased activist investor Laxey Partners off the shareholder register earlier this year, allowing "higher levels of conviction" in picking stocks. Alliance has virtually halved its holdings from 200 companies to 110 as it increases its exposure to North America and moves away from Asia. …

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