mnp17 Feb 2013 23:14
Current portfolio positioning: Mildly defensive
MNP is managed predominantly bottom-up and there has been little change in the positioning of the portfolio, from a thematic perspective, during the past six months. The exception is Financials, which remain MNP’s largest active underweight, where the manager has added selectively to banks, particularly in the US, where he has seen balance sheet improvements and an improved earnings outlook. All other changes have been entirely stock specific. MNP remains underweight in consumer goods, consumer services and remains marginally underweight healthcare. Overweight sectors remain unchanged although telecommunications, and oil & gas have been reduced to marginal overweights where as industrials, technology and basic materials are now more substantial overweights. Overall MNP retains a mildly more defensive allocation.