Henderson Global Investors’ £1.5 billion European Selected Opportunities fund manager, John Bennett, is targeting pharmaceuticals, Financial Times reports. The fund manager is exiting cyclicals and going defensive in anticipation of a change in sector leadership. Bennett has already increased the position of pharmaceuticals, which was previously neutral to the FTSE Europe ex U.K. Index, to 8% overweight. He aims to raise this position to a 10% overweight over the next two months. He recently included GlaxoSmithKline, Novartis U.K. and Astrazeneca stocks to the fund.

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