AXA Fram's Thomas still avoiding UK banks

The massive de-leveraging sweeping through the financial system has been built by 20 years of pressure, Thomas believes. He will continue his cautious and defensive approach, while staying overweight in energy. “My weighting is down on FTSE 100, I am out of Tesco and M&S and am top-slicing National Grid,” Thomas says. “There are some days I think I should go and buy HSBC. But then I go lie down in a dark room.” While he doesn’t hold UK bank stocks, 5% of his portfolio is held in the Intermediate Capital Group, Prudential and Royal & Sun Alliance. Thomas admits he made two mistakes ove...