Tulloch defensive in face of worldwide uncertainty

FUND MANAGER FOCUS

First State manager describes defensive positioning as risk-aware rather than risk-averse

Asia Pacific Leaders has traditionally been quite cautiously invested. How defensively is it positioned at the moment relative to history? We describe it as a risk-aware rather then a risk-averse approach to investment, though we have become more cautious recently because we think there are some big question marks on the global scene, not least protectionism. So we have deliberately been quite conservative, but the problem is people do not price risk in these markets very often. We do not mind taking risks, but in moderation. We have to be paid by the potential rewards for taking those ris...