Some UK stocks may not be as defensive as investors believe
Matthew Tillett of Allianz Global Investors
At one end of the spectrum, investors are crowding into popular stocks in sectors such as consumer staples, business services and engineering, pushing their valuations to ever higher levels.
These companies are believed to be high quality with defensive and predictable earnings streams, typically with little exposure to the UK economy. Yet most are now trading on valuation multiples far in...
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