M&G's Jane positions for recovery in Multi Asset fund

M&G's David Jane has slashed his exposure to defensives in his top-decile Cautious Multi Asset vehic...

M&G's David Jane has slashed his exposure to defensives in his top-decile Cautious Multi Asset vehicle in preparation for a market recovery. Defensive stocks previously comprised two-thirds of the fund's 36.7% equity allocation, but this has now been reduced to 1.94%. Jane has sold defensive stocks such as pharmaceuticals Unilever and Procter & Gamble and bought back into retailers, including Marks & Spencer, Next and Halfords. "There has been a big shift in the portfolio. We have reduced our exposure to defensives to where we want to be when the markets turn," Jane says. "We are lo...