Citywire Selection Verdict: Cautious investor James Harries’ defensive positioning and focus on dividends work well in the long term. The fund only buys companies that yield 25% more than the FTSE World index. He favours high yielding pharmaceuticals and tobacco stocks which are not dependant on the economic recovery and help to maintain the funds dividend payout. Preferring financially sound companies, almost a third of his £4.25 billion fund is invested in US equities. A good pick for the long term investor.