Fidelity Multi-Asset fund still shy on equities

clock

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% benchm...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Chaos is not a ladder: Navigating human behaviour at times of market stress

Chaos is not a ladder: Navigating human behaviour at times of market stress

'It is important to maintain perspective'

Sacha Chorley
clock 09 March 2026 • 4 min read
Four reasons why direct engagement can still make a difference

Four reasons why direct engagement can still make a difference

'Quantitative data arguably tells only half the story'

Simon Wood
clock 05 March 2026 • 4 min read
Darius McDermott: Is income under pressure?

Darius McDermott: Is income under pressure?

‘The period of abundant income is ebbing'

Darius McDermott
clock 04 March 2026 • 5 min read