Fidelity Multi-Asset fund still shy on equities

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% benchm...