Scottish Equitable Asset Management has reduced the size of its underweight position in pharmaceutic...
Scottish Equitable Asset Management has reduced the size of its underweight position in pharmaceuticals in the belief that valuations are reaching attractive levels. The sector has underperformed the US market over the last year with the S&P Drugs index seeing a fall of 32.94% in dollar terms in the 12 months to 14 March compared with a rise of 5.32% in the S&P 500 over the same time period. Paul Kleiser, US fund manager at Scottish Equitable Asset Management, says that the group has moved to a slightly underweight from a significantly underweight position in the sector since the beginni...
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