Citywire Selection Verdict: Our most defensive income pick, Francis Brooke is one of the most consistent performers in the sector for outperformance with much lower volatility than his peers. The fund has a high consumer weighting, mainly through domestic utilities and high yielding tobacco firms. Brooke has a bearish view on the market and tends to avoid cyclical sectors. His investment process over the years has changed very little and seeks stable or growing businesses with excellent cash flows and sustainable yields. Brooke’s reluctance to participate in market rallies can lead to bouts of short term underperformance, however, over the long term this fund delivers.
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