UBS-owned fund manager Phillips & Drew (P&D) has moved from underweight to neutral in telecoms, media and technology stocks in the UK, but maintains this does not signal a move away from its value investment strategy.

P&D, which has stuck to its 'value' guns despite underperformance compared to the growth equities investment, believes that the TMT price-earnings ratios are looking healthier and has therefore moved to a neutral position in the UK, said Robert Waugh, head of specialist UK equities.