A shift in sectors reflects the slowdown in growth

In the expectation of modestly slowing economic growth in the UK, we have moved away from overtly cyclical sectors such as general industrials and electronics, favouring instead those areas which offer more secular or defensive growth, such as support services and healthcare. These sectors contain many companies which should benefit from dynamics which enable them to grow in a less economically sensitive way - in other words the drivers of growth will remain in place even in an environment of slowing growth. Within healthcare, we favour providers of care homes and services to groups suc...