Ms Dickinson expects L’Oreal to generate total returns in the high single digits or low double digits, which is attractive for a company that sits in the “more defensive sleeve” of its portfolio. “The beauty market is an incredibly attractive category. It grows ahead of GDP each year. It’s got a number of structural drivers behind it, ageing population, the growth of the middle class, and social media becoming such a big influence on consumers’ lives.” Meanwhile, Ryan Joyce, Magellan’s sector head for technology, framed the appeal of Intuit, the US accounting software giant, pointing to its “incredible brand strength…