MAM's Gray raises cash to 40% in Multi-Asset vehicles

MAM Funds' Martin Gray is holding 40% in cash in both his multi-asset funds due to a "lack of opportunities" in markets.

Gray is now running 43.2% in managed cash in the £185m Miton Strategic Portfolio, while the £611m Miton Special Situations fund has 39.4%, after he reduced exposure to risky assets and allowed cash to build up. The manager said: “I have not been positive about risk assets for a while so have been happy to sell these and hold low weightings. The funds have seen strong inflows but I have not added anything to equities, commodities or property.” Instead, he has been holding on to cash in various currencies including sterling, US dollar, yen and Hong Kong dollar, and has increased weighti...