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AIC members reduce cash and fixed interest weightings

Some 56 per cent of members of the Association of Investment Companies reduced their exposure to cash and fixed interest in the first five months of the year.

Research from the AIC compared its members’ exposure to cash and fixed interest at the end of December 2008 with their exposure at the end of May 2009.

Over the time period the investment trust which reduced its exposure most to the asset class was the Director’s Dealing Trust. It went from having 60 per cent of its portfolio in cash and fixed interest at the end of December, to 27 per cent at the end of May.

Other trusts which notably cut their exposure were the Blue Planet Financials Growth & Income, Blue Planet European Financials, Asset Management Investment Company and Jupiter Second Enhanced Income.

In terms of sectors, it was trusts in the AIC Financials peer group which reduced their exposure most. At the end of December, trusts in the Financials sector as a whole had 34 per cent of their assets in fixed interest and cash, and at the end of May this had been cut to just 10 per cent.

Shaun Miskell, an investment analyst at Blue Planet Investment Advisers, says: “Given that the credit cycle is now entering an expansionary phase, we see clear opportunities in financial stocks going forward and have therefore allocated more into these financial stocks in recent months.”

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