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Institutional Defensive equity : Is the market mispricing risk ?

Intuitively, investors might expect stocks that are less risky than other stocks – stocks we refer to as defensive stocks – to deliver lower returns than the broad market over the long term. That does not seem to have been the case, however. Among the factors that have been suggested as contributing to this apparent anomaly is the widespread use of market-relative benchmarking by mutual funds and institutional accounts. For investors who expect this defensive effect to persist, the strategy offers the possibility of a reduction in portfolio risk and a more attractive trade-off between risk and reward.