John Sevior, ex Head of Equities at Perpetual and now running Airlie Funds Management says it's tough to find sectors or stocks that are cheap and the fund is...

John Sevior, ex Head of Equities at Perpetual and now running Airlie Funds Management says it's tough to find sectors or stocks that are cheap and the fund is holding above average cash levels in both funds waiting for opportunities. His main fund has 12 per cent invested in cash (maximum limit 15 per cent) while the second fund has around 25 per cent in cash (compared to a limit of 50 per cent). Sevior is looking for situations like Worley Parsons So you might get a situation like a Worley, where the stock is down 25 per cent, that we're probably drawn to. In an overall rising market you can still get individual stock opportunities and that's really what we focus on. Sevior has passed on many of the recent IPO's but Virtus, Dick Smith and Vocation all got the seal of approval. Read more: (VIEW LINK)