BlackRock's Lyttleton 'most optimistic' for two years

With around 40 long positions and 25 shorts, the net position of the UK Absolute Alpha fund has leapt from 0% to 14% in just two months as Lyttleton has been buying a number of new holdings. Lyttleton has been buying into the oil, aerospace and utilities sectors on the grounds valuations of many individual companies are very low and attractive on a medium-term basis, but maintains he is not making one-month calls. He has also grown several of his existing positions, having reduced the size of individual holdings at the end of last year. "We have increased several holdings from 1% to 2%,...