Core Defensive

If all the economists were laid end to end, they’d never reach a conclusion.
— George Bernard Shaw

10 defensive investments form the core of the equity allocation where the best in class companies are selected that are expected to
perform well irrespective of economic conditions. Our past stock selection has included:

COMPANY	SECTOR
BP	Oil & Gas Producers
BAE Systems	Aerospace & Defence
British American Tobacco	Tobacco
Dunedin Income Growth IT	Equity Investment Instruments
JPMorgan Global Growth & Income	Equity Investment Instruments
Murray Income Trust	Equity Investment Instruments
Scottish Mortgage Investment Trust	Equity Investment Instruments
Unilever	Food Producers
United Utilities	Gas, Water & Multiutilities
Vodafone	Mobile Telecommunications

These shares are bought to be held for the long term and are generally held for the long term unless an adverse situation happens with the company/fund or a more attractive proposition appears.

Over time these core holdings have tended to outperform the FTSE 100, whilst exhibiting lower levels of volatility. Thus this selection provides the investor with a solid core from which to build a diversified portfolio & seek more adventurous returns.