The Legg Mason IF Martin Currie US Unconstrained fund has shunned the typically-held FAANG (Facebook, Apple, Amazon, Netflix and Google) stocks, with the exception of Amazon, as manager Zehrid Osmani instead seeks out "better opportunities" in the market for his high conviction, highly-concentrated strategy.
Currently holding 24 positions, the fund typically holds between 20 and 30, according to the manager, who said the fund remains diversified despite itshigh concentration. Osmani said the best opportunities in the US reside in healthcare, technology, consumer firms and industrials, but only one of the FAANGs meets the "attractive businesses, attractively priced" purchasing model that "any investor" should be adhering to. However, it still does not feature in the fund's top ten holdings. "In the case of Amazon, we are happy with the combination of the gross profile and the future return...
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