Sheehan moves into mid-cap stocks

manager of jupiter primadona growth investment trust clears out many large and small-cap holdings to take a more defensive position

Jupiter fund manager Paul Sheehan has shifted the focus of the £38.3m Jupiter Primadona Growth investment trust up the market cap scale as part of a defensive strategy. Sheehan, who also runs Jupiter's £47.1m Growth & Income fund, took over management of Primadona from Justin Seager in June and immediately set about cleaning house. He has cleared out residual holdings in poorly performing stocks, bought higher-yielding shares and moved out of some large-cap FTSE sectors and small-cap holdings. 'We are in a period of pretty cautious markets as it seems to be a prolonged business downtu...