Ann: Funds Under Management - October 2021, page-46

Ok I understand your point that these are technology focused growth companies. However the element that makes them defensive is the higher reliability & predictability of their earnings combined with their strong market position / financial position meaning that their earnings are less likely to be negatively impacted by factors outside of their control.

Again these comments are 'compared to the market'. Naturally these companies have risks - however relative to the market their earnings are more likely to hold up well despite any economic crisis / market events that occur - which in turns makes them more defensive.

Further to the figures in Plague's post, the beauty of Magellan's portfolio is that whilst the underlying companies are more defensive as illustrated by 50% downside capture - they are also growth companies which enables Magellan to capture 100% of upside.

Just my personal views.