Lazards' Ryan moves into infrastucture and gaming as defensive stocks 'too expensive'

Lazard's Patrick Ryan believes traditionally defensive stocks to be too expensive and has been ident...

Lazard's Patrick Ryan believes traditionally defensive stocks to be too expensive and has been identifying cheaper alternatives. The Global Equity Income manager says infrastructure and gaming are key themes in the portfolio, saying they provide downside protection while low valuations offer rebound potential. Macquarie Infrastructure is the fund's largest holding at 3.3%. The manager believes the sell-off in infrastructure stocks over the past 18 months, driven by market concerns over the companies' debt levels, was overblown. "Infrastructure companies were the market darlings two ye...