Foreign and Colonial Investment Trust, the biggest in the United Kingdom investment trust industry, is cautious about pharmaceutical shares. F&C has four trusts listed on the New Zealand Stock Exchange.
During a recent visit to NZ, the director and head of investment trusts, Jeremy Tigue said they're cautious about pharmaceutical companies because of the absence of any "blockbuster" drugs.
They favour sectors such as the media, which will benefit from an economic recovery expected later this year, with a lift in advertising.
