Minn goes defensive on US valuation concerns

Allianz RCM US Equity manager fears investors' expectations are pushing up valuations and there is still room for improvement in housing markets

Allianz RCM’s Seung Minn is buying more defensive names on concerns US equity markets have become overpriced. The manager of the £46m US Equity fund says although the US economy is trending upwards, the recovery remains fragile, while investors’ expectations are pushing valuations too high. “It is nice to see the US equity market keep hitting the highs and holding on at that level but, on the other hand, we are cautious because investors seem to have higher and higher expectations,” he says. “We have reservations because the housing markets really have not improved much yet and thi...