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McCarron on the defensive

Fidelity European fund manager Tim McCarron is looking to switch his fund to a more defensive stance despite the upturn in markets.

He says the 2.9bn fund has always been value-driven and he does not want to buy an industrial or cyclical stock if he is not paid adequately to wait for at least a three-year timeframe.

“I think there is a lot of value in some defensive stocks as they are cheaper than they have ever been and their earnings’ outlook is not terribly impaired. Oil majors and pharmaceuticals are perfect examples. We have not seen this degree of shrinkage in the post-war period. The chance of a durable cyclical recovery from this point is extremely unlikely. I think we are making a bottom but I would not surprised if it is a protracted one.”


OBSR suspends Threadneedle LatAm rating

Old Broad Street Research (OBRS) has suspended the A rating of Threadneedle’s Latin America fund following the announcement that Katy Dobson, the fund manager, has left the group.

European funds see strong inflows

Strong flows into money market funds allowed European funds to return to positive territory in March, according to Lipper FMI’s Fund Flash Report. The liquidity funds saw an injection of 9 billion (8.03 billion) so that total European net sales rose to 75m for the month. Lipper says equity funds and those in the Other […]

China shows signs of recovery

Although Chinas industrial production grew at a slower rate in April than a month earlier, the countrys economy is back on track for recovery, official data indicates.Industrial production rose by 7.3% from a year earlier, compared with 8.3% growth in March. Gareth Leather, an economist and industry chief (automotive) at the Economist Intelligence Unit, says […]


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