Troy's Lyon: Microsoft earnings downgrades are still to come

Citywire AA-rated Troy Trojan manager Sebastian Lyon said that he reduced his stake in Microsoft and Alphabet over the summer, as he believes market optimism is too high. This was before the tech giants announced that sales had slowed in Q3. The fund manager also said he is ‘battening down the hatches’ and buying short-dated government bonds. Another defensive play in the fund has been to hold a large position in gold.