Neptune's Rob Burnett has shifted his £946m European Opportunities fund back to a defensive stance in the view pressures in Europe, the US and China will result in 'vulnerable' markets for the rest of Q1.
The head of European equities has upped cash to 11%, selling on the strength of the recent rally, and increased exposure to consumer staples and healthcare in a bid to take a more neutral, "steady eddy" stance before market vulnerabilities surface. "I have been moving the portfolio more defensive in the past few weeks as I think markets will be vulnerable from today to the end of Q1. I think there will be a blip in the US recovery, China will delay easing monetary policy and the eurozone crisis will flare up again. "I have positioned the portfolio to how it was in July and August last...
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