Shares mentioned in this post that are held by the GMG Defensive Beta Fund are identified.

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We own all of the companies mentioned in the in the GMG Defensive Beta Fund.

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Oliver Pursche is co-portfolio manager of GMG Defensive Beta Fund, which holds shares in the companies listed in this post.

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Owners Guardian Media Group (GMG) Radio said the regional station was not commercially viable under new government plans for local TV.

BBC: Manchester TV station Channel M closes

Channel M was scaled back in 2009 and again in 2010 when it was moved into GMG's radio division following the sale of the Manchester Evening News.

BBC: Manchester TV station Channel M closes

In 2009, the digital TV station made more than 40 redundancies to its workforce and a further 35 in 2010 following the sale of GMG's local newspaper assets.

BBC: Manchester TV station Channel M closes

Oliver Pursche is co-portfolio manager of GMG Defensive Beta Fund.

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Of the stock listed above, we are invested in all of the above mentioned securities, either in the GMG Defensive Beta Fund or in separately managed accounts for our clients.

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For GMG Defensive Beta Fund disclosures, click here.

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As a result of analyzing German data, and in light of the overall global economic risks, we have moved 15% of the GMG Defensive Beta Fund assets into cash, covered calls and other hedging instruments.

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