SVM's Veitch: Like Man Utd, investors with poor defences have been punished

UK defensives have been en vogue, but are cyclical stocks - bashed by sterling strength and de-ratings - even worth a look? SVM's Neil Veitch reports.

The start of Louis van Gaal's managerial stint at Manchester United has not gone to plan. Despite possessing a squad overflowing with attacking flair, his team has looked imbalanced and its defensive frailties have been cruelly exposed by the footballing powerhouses of Leicester City and Milton Keynes Dons. Coincidentally, since the start of the 2014/15 Premier League season, UK equity investors that failed to shore up their defences have been similarly punished. In recent months, cyclical sectors have underperformed defensives - proving painful for many. Defensive sectors are cl...