Cazenove's multi-manager head ups cash weighting to over 20%

Cazenove's head of multi-manager Marcus Brookes has increased the cash weighting in his £467m Multi-Manager Diversity fund of funds, and bolstered its exposure to managers uncorrelated to mainstream markets.

Since March, Brookes and co-manager Robin McDonald have sold down a Nevsky emerging market hedge fund, increasing a position in Hugh Hendry’s Eclectica global macro fund from 2.5% to 4% and boosting Jupiter Absolute Return from 5% to 7.1%. Over the same period, the managers have raised the cash position in the Diversity fund from 11.5% to 20.7%. Brookes says: “Preservation of capital is at the forefront of our minds. Very few hedge strategies were positioned for economic slowdown and a return to the credit crisis, but Eclectica is. We liked the fact that Hugh had the potential to actu...