Global slowdown fears trigger move towards defensive stocks

Managers are positioning their European portfolios away from exporters and towards defensive stocks in preparation for a global slowdown. Ashburton, Aviva and Forsyth Partners are all following this theme within their funds. Calvin Vaudin, manager of Ashburton pan-European fund, says: "Although the European economy is performing well with GDP at 2.7% for the second quarter, we are concerned a US slowdown might impact European exporting companies. "We believe this will impact the luxury goods markets because US consumers will find the European imports too expensive to buy. "Companies...