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Defensives and momentum still win

2020 continued the great long-run performance of defensive and momentum investing
Defensives and momentum still win

2020 was an extraordinary year – but not for stockpickers, because strategies that had done well in the past continued to beat the market.

One of these was defensive investing. My portfolio of these – an equal-weighted basket of the 20 stocks with the lowest beta over the past five years – rose by 8 per cent in the year.

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