Hi Cutty,
What is about their portfolio that you don't find defensive?
They hold a portfolio of world class companies with significant pricing power and wide moats - which equates to a portfolio of companies that can likely maintain & increase their profitability over a long period of time. As a result, these types of companies tend to drop less during market corrections as their share prices are support by tangible earning streams as opposed to hype and hope that many companies shares prices rely upon.
I trust you are not taking issue with 'defensive' on the basis that it invests in shares rather than cash as that is entirely obvious. Their portfolio is only defensive in comparison to other share funds.
Ann: Funds Under Management - October 2021, page-43
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