fund manager believes US market is overvalued and is taking a defensive position with his portfolio
Neil Smeaton, the manager of the Dublin-based Collins Stewart US Equity Focus Fund, has positioned his portfolio defensively in anticipation of a correction in the US market. While most managers are confident the recovery in the US stock market will continue, Smeaton and co-manager Piers Watson believe the US market is overvalued and artificially buoyed by the bullish extreme of sentiment. "The big US deficit and weak dollar continue to create problems. The Fed has little fire power left to produce economic stimulus," Smeaton said. The Collins Stewart US Equity Focus Fund, now £7m, wa...
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