there are obvious ways to engineer downside protection, either...

there are obvious ways to engineer downside protection, either using a short book as a hedge (what platinum does), holding tactical cash (magellan), or buying put options on the market.
magellans current cash position doesnt suggest it is worried about downside. so its only through the defensives that it can possibly achieve downside protection. and that can be replicated cheaply as its a factor exposure rather than stockpicking. so im not sure why anyone would pay the fees that magellan charge for this b/s type of 'downside protection'. and of course if the next downturn the so called defensives are highly correlated with the market, then there is no downside protection. have to take it with a grain of salt unless they put their money where their mouth is and hold loads of cash.

st james called out the excessive concentration risk in the strategy a number of months ago. there will always be a few losing stock picks with high concentration, but the winners need to be unicorns to compensate. but when you hold defensives you limit the upside. so if you limit the upside and make some mistakes (china) the approach is f*ckd. hence, he is stuck making macro bets to try and wriggle out of this sh*t sandwhich.