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Aberdeen moves up Europe exposure

Aidan Kearney
Aidan Kearney

The Aberdeen multi-manager team has decreased its underweight to Europe across its range and has switched European holdings in the £66m Multi-Manager Constellation fund.

In the £307m Aberdeen Multi-manager Cautious Managed fund, the firm moved from no exposure to Europe to 4 per cent exposure, compared to sector average of 6 per cent. The firm is building a position in the JOHCM Continental Europe fund, managed by Paul Wild, from the summer.

In the Multi-manager Constellation fund, the European exposure has gone up from 13 per cent earlier in the year to 17 per cent, compared to a sector average of 21 per cent.

Over the last few months, the team has also swapped the exposure to £809m Neptune European Opportunities, run by Rob Burnett, and built a position in £67m Henderson European Focus, managed by John Bennett, to 4 per cent.

Aberdeen co-head of multi-manager funds Aidan Kearney says: “Burnett takes more a macro top down view, whereas Bennett’s view in more about stockpicking. The move has increased our sensitivity to where the opportunities are in Europe rather than getting too tied down into the macro picture around them. That is how it changes the shape of our exposure to Europe.”

Whitechurch Securities managing director Gavin Haynes says: “Market sentiment is going to continued to be dominate by political and economical numbers, but for Europe it is companies over countries that give you the reason to invest there.”

“Valuations are compelling and pricing in a negative scenario and so it is finding managers who can find those mispriced companies.”

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