RICHARD Philbin, director of fund of funds at F&C, has said the group is taking a more defensive stance on its multi-manager funds, and has upped its cash position from 0pc to 5pc in recent months.
Philbin said this cash position had come at the expense of a reduced exposure to corporate bond holdings. Also reflecting this more defensive stance, Philbin said that his position in equities is now leaning towards growth funds, and moving up the cap scale to funds investing in larger companies. He picked out Cazenove UK Growth & Income and Lazard UK Alpha as key funds. Philbin said: “Mid caps are currently looking overpriced, and profit margins are not likely to get stretched further. We have looked at this and decided to take some of the risk off the table.” Turning to the US...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
