Fidelity European fund manager Tim McCarron has moved to shield investors from the worst of the current market volatility by taking large sector bets in defensive stocks.
McCarron has guided his £4.4bn vehicle into 7th place year to date in the 103 fund IMA Europe (ex UK) sector, with an overweight healthcare and underweight banking position. While the Fidelity European fund is down 4.39% year to date, the MSCI Europe ex UK index is 12.81% lower over the same period. McCarron attributed the superior relative performance to his recent defensive plays. “The underperformance of the healthcare sector in the middle of Q2 presented a good opportunity to buy healthcare stocks,” he says. “While the market has been against healthcare stocks-2011 patent expires an...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes