Snowden tapers risk ahead of possible 'seasonal' but short-lived market pull-back

'Take some chips off the table'

Stephen Snowden, manager of the £2bn Kames Absolute Return Bond and £1.4bn Investment Grade Bond funds, has been slowly reducing risk in anticipation of a pull-back in markets, but added any "pause" is likely to be short-lived.

The manager has been cutting exposure to financials on the funds, on the view there will be another opportunity to return to the sector at cheaper levels, but rules out 2017 being a "crash bang wallop" year. "The risk markets have been going up almost in a straight line since mid-February last year, so we have had over 13 months of one way traffic in markets, which is a little bit unusual. Kames Capital expands absolute return bond team with Goldmans hire "Seasonally, we usually get a bit of risk around Easter time - last year it was a bit early - so it could be any time soon. ...