JOHCM duo sees 'vicious' derating for defensives as results disappoint

Natalie Kenway
clock • 3 min read

Poor results from companies such as Unilever, AstraZeneca and Shell last week showed the valuation gap between defensives and cyclicals is closing in a "vicious" fashion, according to JO Hambro Capital Management's James Lowen.

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Investment

Stories of the week: Investment fees, Saba, and Zennor AM

Stories of the week: Investment fees, Saba, and Zennor AM

The biggest stories from the world of investment and asset management this week

clock 13 March 2026 • 1 min read
Stories of the week: UK growth, Iran conflict, and Hargreaves Lansdown

Stories of the week: UK growth, Iran conflict, and Hargreaves Lansdown

The biggest stories from the world of investment and asset management this week

clock 06 March 2026 • 1 min read
Stories of the week: Saba Capital, Schroders, and St James's Place

Stories of the week: Saba Capital, Schroders, and St James's Place

The biggest stories from the world of investment and asset management this week

clock 27 February 2026 • 1 min read
Trustpilot