L&G's Churchlow defensive in belief that markets will be slow to recover

Growth trust manager is predicting more bad news but still expects to find opportunities for 25 by 4 portfolio

Robert Churchlow is maintaining his defensive positions on the L&G Growth Trust in anticipation of further bad news in corporate profits. However, he said there are still plenty of opportunities in the market for his focused 25-stock portfolio. The manager is not anticipating a large bounceback in the markets any time soon and believes the current turmoil could last years rather than months. "Clearly the banks have reined back lending, not only in the mortgage market, and we see a clear contraction," he added. "We do not believe this will last six months but will rather be a multi-y...