Tony Nutt, manager of the £1.37bn Jupiter Income fund, is holding 7% of his portfolio in cash beca...
Tony Nutt, manager of the £1.37bn Jupiter Income fund, is holding 7% of his portfolio in cash because of concerns over the strength of the current bounce in the FTSE.
While admitting that this was a lot of cash to be holding in a market that was going up, Nutt said that at current valuation levels he didn't feel there was a great deal of growth in the FTSE.
'At one point earlier this year I was holding nearly 10% in cash. I think we will see a lot of deteriorating corporate news in the first half of 2002, so I'm really quite defensive at the moment,' he said.
He remains confident about long-term growth prospects and said: 'The US economy will bounce back from a very low level at some point next year. There are times when you feel confident about your decisions as a fund manager and this is one of them. I just think that there are one or two hurdles to get over before we get to that po
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