Harrison's defence yields sector-topping returns

Threadneedle UK equity manager highlights market over-optimism, prompting series of changes on portfolios that bring sector-beating returns

Threadneedle's Leigh Harrison said major defensive shifts on his income portfolios have led to their sector-topping returns over the past year. The manager, who heads up the UK equity team at Threadneedle, made a series of changes on the portfolios at the end of 2006 and beginning of 2008 upon fears of over-optimism in the markets. Harrison is lead manager of the UK Equity Alpha Income and UK Equity Income funds, which sit in first and second position in the UK Equity Income sector over the past year to 10 March. The former has returned -2.5% bid to bid compared to the sector average ...