Rathbones: 'Fear and uncertainty' will remain until coronavirus peaks

US equity position will act as buffer

Markets are unlikely to level out until the number of coronavirus cases in Europe and the US begins to show signs of peaking and until then "fear and uncertainly remain", Rathbones Global Opportunities fund manager James Thomson has warned.

In the fund's latest portfolio update, he said markets had suffered a traumatic period as investors remained unconvinced that the monetary and fiscal responses from governments around the world were sufficient. Thomson said almost 65% of the fund was in US dollars - through its US equity holdings. The currency, he added, had seen a 12% rise during the sell-off due to huge global demand. "I think this position will continue to act as a buffer," explained Thomson. Transport companies: How the 'banks of 2008' will cope Defensive equities such as medical devices and supply companies...