Greetham alters fund on 'overheat' call

Fidelity's Trevor Greetham has boosted commodities exposure in his Multi Asset Strategic fund after the manager's investment clock model moved to the ‘overheat' phase for the first time since 2007.

Greetham has also gone underweight in government bonds, expecting the global economy to experience a period of sharp growth and rising inflation. Using his quantitative investment clock model, which determines the state of the global economy, the manager alters his asset allocation between equities, bonds, commodities, property securities and cash. "My global growth scorecard lead indicator is at its strongest level since the V-shaped recovery of 2003-2004," Greetham says. "Central banks are operating ultra-loose policy, the OECD lead indicators have troughed, business confidence i...