Fixed income focus for M&G

M&G's Balanced fund of funds, to be run by Cazenove, will be underweight fixed income and hold about 4% cash when it launches later this month. Mark Harries, head of multi-manager at Cazenove, said the biggest bet in the portfolio is its underweight fixed income position at 20% compared with the benchmark weighting of 25%. 'That is basically through underweighting the gilt market, which we believe is expensive. That has been moved primarily into cash and a slight overweight in equities,' he said. The fund has a composite benchmark comprised of 55% FTSE All Share, 20% FTSE World ex-UK...