"We're a Little More Defensive"
Before the September 11 terrorist attacks, Gerald Moore, manager of Putnam Capital Opportunities Fund (PCOAX ), felt the market was "fairly close" to a bottom. Since then, Moore has stayed the course for a recovery, though he's become more defensive, boosting his stake in financial services, and easing his overweightings in the technology, consumer, and media sectors. This posture stems from Moore's view that the terrorists attacks will delay an economic recovery until about the second quarter of next year.
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