Thesis AM cuts exposure to UK and Japan across range

Concerns about sterling

Thesis Asset Management has reduced weightings to UK and Japanese equities across its range of model portfolios, following a volatile start to the year for markets.

The investment manager has cut around 2% from both the UK and Japan, taking cash weightings back up to between 6% and 12% across all seven risk mandates. In Japan, it has sold the Man GLG Japan CoreAlpha fund entirely, halving its exposure to the country. This limits its Japanese holdings to equally-weighted positions in a Nikkei 400 ETF and the hedged JO Hambro Capital Management Japan fund. Meanwhile, the firm remains 30%-40% exposed to UK equities. Its cuts take the team below the mid-point of its strategy's equity allocation range across all seven mandates for the first time in se...