Aviva Investors' Higham hikes cash weighting in £2bn fund

Aviva Investors' Chris Higham has taken his cash and government bond weighting to a record high following outperformance in the credit markets and his doubts over the US recovery.

The manager (pictured) has lifted his cash position to 35% - with 7% in cash and 28% in long and short dated government bonds - as part of a move to scale back risk across his £1.9bn Corporate Bond and £92m Strategic Bond funds.; He has pared back the high yield exposure in his Strategic Bond fund from its highest ever weighting of 42% in January to 25%. He has also reduced his financials from 25% to 20%. "High yield was very cheap in September and October last year, but had become fairly valued by the end of March. Q1 was very strong and we saw high yield returning 11%, which is a ve...