Adrian Brass, manager of the $296m Majedie US Equity fund, has been positioning his portfolio more defensively as he does not believe President Trump can provide a "shot in the arm" for the US economy.
The manager has been buying into "purely defensive" stocks and companies that offer "secular growth characteristics", as he prepares for a downturn in the US. Brass said: "We emerged from a recession nine years ago and we have seen many years of recovery. Multiple valuations continue to be rated upwards, as does the market as whole. We are sitting in the very late stages of an economic cycle, certainly when compared to countless other cycles. "Some might say that the late stage of the economic cycle is irrelevant because President Trump is about to give a massive shot in the arm to th...
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