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Will bond proxies be left high and dry?

Severn Trent (SVT) and United Utilities (UU.) were far from bullish when they recently revealed their March year-end figures, but they still felt able to crank-up their share-based returns when many other top-tier constituents were busy squirreling away the cash.

If you take the view that we are staring down the barrel of a lengthy recession, it is not surprising that many investors might seek shelter in alternatives to cyclical stocks, whose performance is entwined with economic growth rates.

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