Selloff hitting the wrong stocks, says US$42b fund manager

Oslo

THE market has been selling the wrong stocks.

Since interest rates started rising in December, investors have rotated into cyclical stocks and out of defensive stocks, with utilities being among the hardest hit. The MSCI World Utilities Index has fallen almost 10 per cent since the end of November, compared with an almost 3 per cent gain for the MSCI World Index.