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Gartmore holds defensive fund

Gartmore is holding the Ignis Cartesian 130/30 fund across its multi-manager range due to its defensive stance and ability to short using derivatives.

The fund has been a core holding for the multi-manager team since May 2008 and has been part of Gartmore’s absolute return fund since launch last October.

Ignis Cartesian’s preference for defensive plays during the rally in cyclical stocks has seen the fund underperform its sector average in recent months but manager Jeremy Hall is not chasing cyclical stocks that have risen in anticipation of a recovery.

Cyclical stocks are sensitive to economic conditions, meaning their prices rise when economic growth is strong but fall when growth slows.

Hall believes economic conditions will remain difficult for the rest of the year so is focusing on UK blue-chip companies that are less sensitive to economic conditions. This defensive quality positions the portfolio to potentially outperform when the cyclical rally comes to a halt.

Lanning is also committed to another long and short fund, JPM Highbridge statistical market neutral, as a long-term holding in Gartmore’s multi-manager absolute return fund.


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