Managers benefit from defensive tactics

Professional Adviser
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defensive areas such as food producers, MINIng stocks and housebuilders that did well in 2002 are still likely to help UK outperformance in 2003

Standard & Poor's bid-to-bid figures demonstrate UK All Companies portfolios lost 50% more in the year to the end of November 2002 than they did for the previous year. The average fund in the market's largest sector dropped 12.31% in 2001 and 18.24% in 2002. Positive returns have been difficult to achieve in recent years. The average return of the 311 funds in the All Companies sector was 0.8% in the 12 months to November 2000. Three-year figures are little better, with just five funds in positive territory over three years to the end of November 2002. The best performer by far...

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