Briggs reduces sterling exposure on GlobalSar fund

Sarasin's Daniel Briggs has reduced sterling and euro exposure in the £231m GlobalSar IIID fund over concerns for public sector deficits.

The fund manager has reduced sterling exposure to 60% from 75% at end December, with euro falling from 25% to 10%. However, he has increased his fund’s dollar exposure to 25% from 10%. “We are concerned about sovereign risk. We are concerned about the extent of public sector deficits, the transfer of debt obligations from the corporate and private sector to the public sector, and risks associated with the withdrawal of quantitative easing, as well as who will be marginal buyers of debt,” he says. “We have a quite a negative view on sterling because of the extent of the UK’s indebtedne...