Husselbee swings from defensive to risk assets

North's John Husselbee has shifted exposure across his multi-manager growth portfolios, adding 6% to risk assets and cutting back defensive positions.

The firm’s chief executive swapped cash and bonds in mid-March to add 2% in China, 2% in Japan and 2% in US exposure. Husselbee boosted his position in the £620m First State Greater China Growth fund, run by Martin Lau. “China is one of the first countries that began to tighten monetary policy and we see it as one of the first to come out the other end. The environment now seems appropriate for an easing of policy and it is a market that certainly lagged in the last 12 months.” He says Japan was inexpensive relative to history and other markets, even before the recent tragic event...