positions in some of the MAG 7 and some semiconductor companies, but this exposure has been reduced as their positive momentum wanes. This is pragmatism; no heroic views needed. We will typically remain underweight concentrated sectors due to our risk focus in portfolio construction, so we are underweight MAG 7.
Elsewhere, we have been adding to financials, as they have positive relative and absolute price momentum, and defensives, where there is also positive price momentum but some diversifying force too. In this way, we avoid relying on answers to the unanswerable question.
We never regard the market as wrong, just like the weather isn’ t ever wrong: it is what it is. Instead of judging the market, we make a point of listening to it and responding to market signals.
To find out more call 0333 456 4560, email info @ premiermiton. com or visit premiermiton. com.
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