Thein ups gold exposure in anticipation of 30% re-rating

Legal and General multi-manager Alan Thein has boosted his gold exposure in anticipation of a 30% re-rating in the commodity.

Thein, co-manager of the range with Tim Gardner, has added 4% to his holdings in gold equities across the group’s three multi-manager offerings. He is predicting the price of the physical commodity could hit $1,800, up from last week’s record high of $1,500 an ounce. The manager said gold equities have been underperforming the spot price and will re-rate by 30%. As such, he has positioned the funds to benefit from the expected upside. Thein has built up a 7% position in the £285m Growth fund, 5.7% in the £201m Income fund, and 6.3% in the £20m Balanced fund.  “We have been adding to ...