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MitonOptimal seeks more healthy returns than cash

MitonOptimal’s CF global portfolio has bought in to the Axa Framlington health fund as it aims to reduce its 33 per cent weighting in cash.

Fund managers Sam Liddle and Martin Gray are still wary of market sentiment but they have started buying in areas that are likely to be less sensitive to an economic slowdown.

This is in contrast to earlier in the year when MitonOptimal was investing for short-term gains in sectors such as commodities and Russian markets.

The Axa Framlington health fund, managed by Deanne Donnigan, invests in a range of healthcare-related companies such as pharmaceuticals, biotechnology firms, producers of medical devices and healthcare distributors. It has a global focus but in practice the majority of its holdings are US-based.

Liddle says: “In mid-June we were still buying the favourites of last year such as JPMorgan natural resources and Russian funds. Since then we have sold out of commodities and taken the short-term gains. Now we have gone towards healthcare.

“Nobody owns much health-care at the moment which means there is less likely to be any pressure to sell. Biotech valuations are at a 10-year low. It is an attractive opportunity and not sensitive to an economic slowdown because people will always need drugs and other healthcare products regardless of what is happening in the economy.”

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