“Next has enjoyed a phenomenal run over the past five or six years and a lot was being priced into the shares that it would appear in recent times, and it was pre-evident over the Christmas trading period, that the USP around Next’s swift delivery times was somewhat fading and other retailers were catching up in terms of next-day delivery.”
He added: “Across the team, towards the latter part of last year and through the first quarter of this year, we exited a reasonably long-term holding in consumer companies.
“With what’s gone on over the past couple of months, and the weakness of sterling, means retailers that source a lot of their products overseas will suffer, with inflationary pressure building up in the system.”
As at 11:20am, the FTSE 100 stood at 6629, down slightly at -0.24%.
