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Premier’s Hambidge cuts back European equities

Premier’s David Hambidge has trimmed exposure to European equities in his multi-asset funds due to concerns that corporate earnings on the continent will remain weak.

The manager has taken around 1 per cent from the European weighting of his income focused portfolios, such as the £27.3m Premier Multi-Asset Monthly Income fund, and up to 4 per cent from those with more of a growth bias, such as the £43.3m Premier Worldwide Growth fund.

The move was achieved by trimming holdings such as Andreas Zoellinger’s £69m BlackRock Continental European Income fund and Thomas Coutts, Paul Faulkner and Stephen Paice’s £61.36m Baillie Gifford European fund.

Hambidge says: “We have lightened up a bit in Europe over recent weeks. Valuations still look okay, but earnings wise they don’t look so clever.

“Europe is much more popular now than it was nine months ago. So this is about being slightly contrarian, locking in profits and moving on.”

However, the manager has maintained his exposure to smaller businesses on the continent through Philip Dicken’s £1.2bn Threadneedle Pan European Smaller Companies fund as these equities are “underowned and underloved”.

Hargreaves Lansdown investment analyst Richard Troue says: “After what has been quite a strong run in European equities, I would say taking some profits to lock in those gains is perfectly sensible for investors that are nervous we could see a slight setback if more bad news should break.”

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