Lance and Purves raise cash position amid 'expensive' valuations

Ian Lance and Nick Purves have allowed cash to rise to 15% on the RWC Enhanced Income fund due to a lack of opportunities in the "expensive" equity market.

Although many fund managers are treating the recent dips in the market as a buying opportunity, Lance (pictured) said equities are not cheap, but the risks are still significant.  “I would love to see that cash being put to work and we have a handful of stocks that tick all of our criteria except valuation. There is no pressure for us to be fully invested. “We will buy decent businesses, but only when the stock is cheap. But every time it looks like the market is coming down, a central banker steps in and the market goes shooting back up again.” He pointed to gains in global indice...