LGIM's Onuekwusi: Diversification is the only free lunch investors will get

The only "free lunch" that investors will ever get is the ability to significantly diversify their portfolios, according to Legal and General Investment Management's (LGIM's) Justin Onuekwusi, who said the high number of small positions across his portfolios was the key reason his portfolios have performed well during the Covid-19 crisis.

Onuekwusi, who is head of retail multi-asset funds at LGIM, said "portfolio diversifiers" were indiscriminately sold off alongside equities and bonds during the week running up to 23 March, as lockdowns started to be implemented across the globe. Waverton's Tucker: We've been hiding our light under a bushel As such, he used the opportunity to top up these positions, having trimmed his equity exposure from neutral to negative. "At the start of the year, our [equity] positioning was quite neutral, then the stockmarket crash very suddenly happened on 19 February and our outlook and su...