Reuters UK – JPMorgan Europe Dynamic fund favours defensive drugmakers and non-life insurers and has no plans to move into cyclicals until company newsflow, employment and money supply improve.
John Baker, portfolio manager of the 260 million euro (233.52 million pounds) fund, told Reuters his portfolio was invested in stocks with good newsflow and was mainly defensively positioned.
Baker favours GlaxoSmithKline which has taken a lot of cost out of its business and whose operating margins are improving, surprising the analyst community positively, he said.
