Guy and Rambourg cut market exposure on European debt concerns

Roger Guy and Guillaume Rambourg have cut their Gartmore European Absolute Return fund's net market exposure from 32% to 18% this year in response to Greece's debt crisis.

The managers have also reduced the fund’s gross exposure from upwards of 80% at end 2009 to below 60%, in a bid to be less exposed to the continent’s current economic and market pressures. “In the short term, it is very much a risky market to be taking a large gross exposure in at the moment,” Guy told AssetTV. “What we have seen in Europe so far this year is clearly some unexpected trials and tribulations thrown up initially by Greece. But it is also causing a major wobble in places like Portugal, Spain and Ireland. “What I always think with the European Absolute Return fund is th...