Ashburton cautious on bonds

Ashburton Investment Managers says equity markets will bottom during the last quarter of 2002, leading it to take a very cautious views on global bond markets. Peter Lucas, director and global investment strategist at Ashburton, said: 'We have been patiently awaiting a low-risk entry point to increase our exposure to equities. It now appears to be imminent.' While half of Ashburton's equity underweighting is currently made up of Asia Pacific equities, however, Lucas said that European equity markets are now extremely cheap. Ashburton's bonds strategy currently involves significant cas...