JPM multi-managers cool off on risk assets

Managers Tony Lanning and Nick Roberts had been overweight both equity and credit and underweight core government bonds since beginning the £45m Fusion range of five funds two years ago. Equity exposure has been cut by between 4% and 9%, depending on the fund. The stance was based on their view that risk assets such as these would benefit from low inflation, boosting economic growth and central bank action. But they are now paring back equity weightings after a strong run by stocks, which has seen European equities rise by 32% over the past five months, while Japanese equities have...