Cole swaps EM equities for multinationals and property

Barings' Andrew Cole has cut exposure to emerging market equities by 10% in favour of UK-listed multinationals.

Cole, who has managed the £13.4m Multi Asset multi-manager fund since its launch in March 2009, has cut back his holding in the Baring Emerging Markets fund from 14% to 4% following concerns over policy tightening and rising interest rates. Although Cole continues to believe in the long-term growth story in developing markets, he fears ongoing tightening measures will work against equity markets. Instead, he has used the cuts to increase exposure to UK, US and European firms with an  emerging markets presence. Cole has increased his UK equities weighting by 4% to 28% through the Barin...