Defensive Collings cuts Russian exposure

Hexam Global Emerging Markets fund manager Bryan Collings has significantly reduced his Russian exposure as he moves defensive after riding the sharp recent rally.

Speaking from the Senate Summer Investment Conference, Collings said he has reduced his weighting in Russia from 15% at the end of April to just 6%, removing all positions in banks and steel companies from the country while top slicing the remaining holdings. The manager has deployed much of proceeds into Israeli defensive stocks - including pharmaceuticals and telecommunications. "We have done very well out of the rally and while we still think emerging markets will be up from here at the end of the year, there could be a bit of a fall through the summer," Collings says. "Our fund...