Fidelity Multi-Asset fund still shy on equities

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Fidelity Multi-Asset Strategic fund manager Trevor Greetham has slashed exposure to commodities on expectations of a revival for government bonds and cash.

Greetham, also Fidelity’s director of asset allocation, has begun to realign his portfolio on expectations of a new phase for the global economy – falling inflation and below trend growth. This new phase, labelled reflation, will see central banks cut interest rates and bring strong results for government bonds and defensive stocks, Greetham explains. However, he feels it is too soon to make any further moves from the current underweight equities position. Greetham began stripping commodities exposure in July, moving from 5% overweight to 2% underweight relative to the fund's 10% benchmar...

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