Fidelity's Greetham may add to Japan weighting
Fidelity head of asset allocation Trevor Greetham is considering adding to his weighting in Japan across his three multi-asset funds.
Greetham oversees 120 funds at Fidelity and manages the £572m multi-asset strategic, £360m multi-asset growth and £29m multi-asset defensive funds.
His position is currently underweight Japan and overweight in the US.
Greetham says: “In the third quarter, we are probably going to see an improvement of activity in Japan. If we see a short-term pick-up in activity, then the recovery could have more legs than the pick-up in America. By the end of the year, it may be that the Japanese economy is the only one accelerating.”
Greetham says he moved to an underweight position in Japan after the March earthquake and tsunami.
He says: “We thought there would be an American-style stimulus coming from the Bank of Japan but there was not and so we moved to an underweight position.”