I've just taken a look at my holdings in my defensive fund over on Stockopedia. It is convincingly ahead of the FTSE350 since inception - undoubtedly helped by investors becoming more risk-averse.
The most expensive stock is BATS (Brit Amer Tobacco) at 15.6X earnings, which isn't too bad. Everything else is on pretty reasonable multiples, and I just can't see anything that needs tweaking. The cheapest shares are MKS (Marks & Spencers) at 8.9X, and AZN (Astrazeneca) at 6.7X. AZN look set to struggle with growth. MKS doesn't rightly belong in my portfolio. It's not as defensive as the name of my portfolio implies. Given how cheap it is, I'm going to stand pat on it.
Analysts are expecting double-digit earnings growth out of MRW (Morrisons), BATS, RTN (Restaurant Group), and HLMA (Halma). They're all on reasonable multiples, so I think investors are going to do well out of these stocks in 2012.
The other stocks in the portfolio are reasonably priced. I can't think of anything to change in the portfolio. I think it's a pretty sane portfolio.