The managers of JP Morgan Asset Management’s Global Equity Income fund have added cyclicality to the portfolio after starting 2022 in a very defensive position, while maintaining its bullish bet on banks despite the fallout of Silicon Valley Bank.
In a difficult year for markets, the £567m fund gained 3.3% over 2022, while the MSCI All Country World index lost 8%, according to its latest factsheet. Due to what co-portfolio manager Sam Witherow described as disproportionate enthusiasm for cyclical stocks at the tail end of 2021, the strategy started 2022 in a "more defensive than usual" position. As inflation was further stoked by a spike in oil and gas prices at the start of 2022, the manager said consumer staples with pricing power, such as Coca-Cola, P&G or McDonalds, were significant contributors to performance in the first...
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