GAM Investments has re-branded its multi-manager portfolio range, managed by Charles Hepworth and James McDaid, to reflect its global position as Brexit looms.
The move signals caution on UK risk assets as Hepworth describes Brexit as a “depressingly clouded affair”.
The range has been renamed GAM Managed Fund Solutions, with the word “global” now added to each of the five funds in a bid to provide “clarity and illustrate the team’s approach to asset allocation”.
One of the renamed funds – GAM Star Global Balanced portfolio currently holds 49 per cent of its assets in global equities and 10 per cent in UK equities, an overweight and underweight position, respectively, relative to Dynamic Planner Risk Profile 5 in which the portfolio sits.
The company cites this as an example of its investment team having the “freedom” to allocate across asset classes.
GAM investment director Hepworth says: “We have adopted a global approach to asset allocation since 2012, allowing us to capture growth opportunities for our intermediary partners.
“We believe that this approach, rather than a home bias, can ultimately reward investors with better risk adjusted returns over the longer term. We currently remain cautious on UK risk assets.
“We still see the Brexit end-state as a depressingly clouded affair and this translates to elevated levels of risk, especially for UK equities, but any concrete developments, should they materialise, will quickly enable more tactical positioning to be taken.”
The renamed funds are: GAM Star Global Defensive, GAM Star Global Cautious, GAM Star Global Balanced, GAM Star Global Growth and GAM Star Global Dynamic Growth.
The funds’ objective remained unchanged.