Pictet multi-asset trio: How we weathered the 'Black Monday' storm

Team eying EM opportunities

The managers of the FP Pictet Multi Asset Portfolio have made a number of bold asset allocation moves since the fund launched in June, including drastically reducing equity holdings in time to avoid the worst of the 'Black Monday' sell-off.

In their first interview since the fund launched, the managers told Investment Week they cut the fund's equity weighting from an initial 55% to 20%, in anticipation of worsening conditions in Asian and global markets. Andrew Cole, senior investment manager, said: "[Investors] need to make meaningful changes to their asset allocation to protect against the recent sell-off. Our long term average allocation to equities may be 60%, but sometimes we will want a good deal less. "We started reducing equities in June as we expected something to happen in China. The unpegging of the currency w...