Which sectors should investors consider and why?

We are looking not so much at specific sectors per se but investment themes focusing on defensive, higher-yielding names such as REITs and telcos to form the core of a portfolio. These sectors tend to outperform in an uncertain market and offer some support in relation to their yields. Other higher beta stocks such as rigbuilders and oil and gas plays may be looked as oil exploration activity accelerate into deeper waters and harsher environments. We also like the China consumption-related beneficiaries. We will consider overweighting other sectors as and when fear and selling reach a fever pitch or when the Europe situation sees more positive developments.