McCarron blunts losses with large defensive bets

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...