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Lawrence House reduces cash

Fund of funds manager Lawrence House has reduced cash to a minimum in its portfolios because fund manager Alan Stokes felt it was more dangerous to be out of the market than in it.

Stokes says the FTSE 100 seems to be stuck in a range of 4,000 to 4,500 points and he felt that if the index was going to break out of that range, it would move upwards.

Consequently, Lawrence House funds have been fully invested for around six weeks and are using iShares exchange traded funds to capture any market movements.

Stokes says: “What we’ve been seeing is sector rotation, where all you need is a little sign of a pick up and this pushes the index up. We think we can capture this sector rotation using iShares.”

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