A majority is now in industrial cyclicals, financial services and consumer durables, mostly in Europe.
The portfolio is concentrated instead in Europe and Japan, and focuses on services, financial stocks, retailers and industrial cyclicals.
Now, about 45percentt of assets are in energy, with the remainder scattered in basic materials, communications, industrial cyclicals, technology and elsewhere.
With assets of $56.3 million, the fund has only 16percentt of its holdings in technology; the bulk is in services and industrial cyclicals.
Instead, the bulk of the portfolio last quarter was in financial services, consumer staples, durable goods and industrial cyclicals, mainly in Europe with smaller portions in Latin America, Japan and elsewhere on the Pacific Rim.
For 2008 Fisher has underweighted U.S. stocks and overweighted, compared with the MSCI, sectors such as materials, industrials, cyclical tech and energy.
Tech stocks have lagged behind the industrial and cyclical stocks in the Dow recently, but today they regained some momentum.
Portfolios that focus on health care, cyclical industrial companies and energy and consumer industries fared best.
Funds focusing on cyclical industrial companies, financial services and natural resources were among the weakest performers.
He favors stocks over bonds generally, and especially likes technology, financial services and cyclical industrial companies.
