Antipodes shuns 'expensive defensive' in favour of pharma and Chinese consumer stocks

Backs China vs US post-recovery

Australian asset management firm Antipodes has used the equity market sell-off to target undervalued "defensive" parts of the pharmaceutical sector, as well as opportunities arising from the Chinese consumer as the country's lockdown begins to be phased out.

Founder and CIO of the $6bn AUM firm Jacob Mitchell (pictured) said he remains cautious of "expensive defensive" parts of the market, which have performed strongly so far in this crisis as they will "ultimately prove to have more economic sensitivity than their prices suggest". Anthony Bolton: Investors must become pandemic 'experts' Mitchell explained the firm has been buying "great business trading on attractive multiples", particularly in the pharmaceuticals sector, which have "performed well on a relative basis through this period", while "providing a greater...