Fund manager Brian Arcese also believes the U.S. is headed for a recession — albeit one that is milder than the devastating global financial crisis of 2008. Investors who want to be "recession proof" should have a balanced portfolio, he added. "A balanced portfolio is one that is practical and designed to be all-weather," said the portfolio manager at Foord Asset Management, who co-manages the Foord International Fund and the Foord Global Equity Fund. He likens his strategy to a barbell approach of growth-oriented names and value stocks, as well as stocks that fall in between the growth and value spectrum. The fund is down 5.8% as at end-September — beating the global stock market, which declined 25.2%, according to the fund's commentary.

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