UK fund managers have trimmed back their exposure to pharmaceuticals after a strong rally in the sec...
UK fund managers have trimmed back their exposure to pharmaceuticals after a strong rally in the sector. The sector has risen by 25% to 30% since the start of March. This comeback was led by investors looking to invest in more defensive growth companies amid the tech, media and telecoms correction. Keith Burdon, UK investment manager at Britannic Asset Management, says: "The sector bounced as the rally in technology, media and telecoms came to an end. This is because pharmaceuticals are seen as a safe halfway house between growth and traditional defensive stocks." Britannic is therefore...
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