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Brazier takes Threadneedle UK fund on the defensive

Threadneedle’s head of UK equities Simon Brazier has moved towards defensive stocks he believes are under-rated.

Brazier, who runs the £1.2bn Threadneedle UK fund, says he expects a number of defensive stocks to re-rate in 2012. He says: “I have been moving into more defensive stocks, like Imperial Tobacco, which I have been buying over the last six months. It is about 1 to 2 per cent of the portfolio.”

This brings his tobacco company exposure to an overweight position relative to the benchmark of 6 per cent, with a holding in British American Tobacco. Brazier has also increased his exposure to GlaxoSmithKline by 0.5 per cent to 4 per cent over the last six months.

He says: “We have not seen investors’ risk aversion come off as of yet and the reason why defensive stocks have not re-rated yet is that there are lots of funds that run concentrated 30-stock portfolios that do not invest in these stocks.”

Evolve Financial Planning director Jason Witcombe says: “If one area of the market is underperforming for a while, then it is a good a sign as any that it may perform better in the future.

“Most investors will buy what is going up and jump on the bandwagon a bit too late, a more robust way of investing is to buy what is down in the dumps.”



Aifa blasts Consumer Focus pensions switching report

Aifa has attacked a report from the Government-funded Consumer Focus watchdog which criticises IFAs’ use of trail commission and pensions “churn” ahead of the RDR. The report, published today, says trail commission, unnecessary pension switching, excessively high costs and charges and opaque pricing of new and old products will pose “significant problems” post-RDR. However, the […]

Advisers say JO Hambro fund managers will stay

Advisers are confident fund managers will stay at JO Hambro Capital Management after it is acquired by Australian fund manager BT Investment Management.This week, BTIM announced it will acquire £7.1bn of assets under management in act-ively managed funds and segregated mandates. The £209m deal will also include a 9.9 per cent interest in JOHCM’s private […]

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