Aviva Investors' Aylward underweights US for first time since 2011

Ian Aylward has cut Aviva Investors' multi-manager exposure to US equities to an underweight position for the first time since 2011, fearing the stocks are deeply over valued.

Aylward heads up the fund house's multi-manager research team, and works on its Multi-Manager 20-60% Shares, Multi-Manager 40-85% Shares and Multi-Manager Flexible portfolios with lead fund manager Peter Fitzgerald. He said he thinks US equities will struggle to make any further gains this year, and has moved the portfolios to an average of 3% underweight the benchmark, affecting the one fund within them focussed on American companies, Janus Capital's subsidiary Intech's Enhanced Index fund. Aylward pointed to the fact that companies listed on the S&P 500 index - one of the best repre...