McCarron convinced defensive stance will pay

Even a slip to fourth quartile has not persuaded Fidelity manager back towards highly leveraged cyclical stocks

Fidelity’s Tim McCarron, who runs the £3.1bn FIF European vehicle, believes defensives are coming back into fashion on cheap valuations and is glad to have not bought into highly leveraged cyclical stocks, despite the rally they have experienced. His fund has slipped to fourth quartile over three years, sitting 79th out 100 funds in the IMA Europe ex UK sector, but McCarron says his conviction to stick to high-quality stocks will help him over the coming months. How did the fund change and develop since the credit crisis began to take hold last autumn? Six months ago we were in ...