Multi-asset managers who bolstered their defensive positions ahead of the market falls in December have trimmed these holdings and "cautiously" reinvested profits in more cyclical areas of the market such as emerging markets and high-yield debt.
Defensive positioning proved fruitful towards the end of Q4 as markets became increasingly volatile, with the VIX index leaping from 16.04 on 3 December to 35.50 just three weeks later. Indeed, the...
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