The Big Question: What have been your best and worst trades of 2018?

Managers reveal their top deals of the year

As we move towards the end of the year, portfolio managers discuss their best and worst trades, and best and worst holdings, over the course of 2018. Compiled by Lauren Mason

Bill McQuaker, portfolio manager on Fidelity's Multi Asset fund range US utilities/European telecoms My best-performing trade in 2018 reflected my broader defensive posture, and involved selling out of the crowded US energy sector in both May and July. I used the proceeds to move into utilities; an unloved sector at the time given the 'sexier' tech stocks leading the US equity markets. The benefits of this have been two-fold: we have been less exposed to the sharp fall in energy equities as volatility has increased and the oil price has collapsed, and we have also benefitted from bei...