Legg Mason's Sam Liddle has around 40% of his multi-manager portfolios in cash, reflecting his ...
Legg Mason's Sam Liddle has around 40% of his multi-manager portfolios in cash, reflecting his negative views on equity markets.
Some 25% of Liddle's funds' assets are currently invested directly in cash, with the remaining exposure gained through a number of his holdings heavily overweighting money market instruments.
He is also overweight bonds, with just under 20% of the portfolio in the Old Mutual Corporate Bond fund, managed by Richard Woolnough. In addition, he holds Standard Life AAA Income, the third best performing corporate bond fund over three years.
Liddle's equity exposure is through holdings in Odey Continental European, Marlborough UK Equity Growth, Schroder UK Mid 250 and Old Mutual UK Select Smaller Companies.
The fund has less than 3% exposure to US equities through Govett US Opportunities. Other international equity holdings include Govett Japanese Opportunities, First State Global Emerging Markets and Close Finsbury Far East Trust.
Liddle said: 'We are defensively positioned, only holding a dozen funds and picking only those we really believe in. All the UK funds are stock-specific and cover the market cap bands.'
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Considered doing so in 2015
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