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Thames River and Skandia funds to take cover from Euro uncertainty

Thames River co-head of multi-manager Rob Burdett and Skandia head of multi-manager Ryan Hughes have cut exposure to Europe across their fund ranges.

Burdett has moved further underweight across the firm’s five multi-manager funds by cutting exposure by between 2 and 2.5 per cent over the past six weeks, due to concerns about volatility as a result of upcoming Greek elections.

Burdett says: “There is uncertainty over the parliamentary election in Greece in May, which will have an impact on European markets. We have also started to see stresses and strains over the past few weeks with high Spanish yields.

“Generally, the money has gone towards America, which is a flexible capitalist economy and has a young, growing population. America has also tackled the banking element of the crisis early.”

In the £49m Thames River global boutiques fund, exposure to European equities has been cut from 18 per cent to 16 per cent in the past two weeks. Burdett says exposure will be further reduced to 13.5 per cent over the next two weeks.

Skandia head of multi-manager Ryan Hughes has gone from a slight overweight to a neutral position in European equities across the multi-manager fund range, including the spectrum, global dynamic equity and multi-asset funds in the past month.

He says: “Our view is Europe has still got high Spanish yields and European equities are going to take a pause for now and are not going to go much higher while the Spanish yields are hanging over them.”

In the £847.5m Skandia global dynamic equity fund, European equity exposure was reduced from 26.1 per cent to 24.4 per cent last month.

Equilibrium Asset Management investment analyst Graeme Black says: “We are holding our European equities exposure where it is as, over the short term, there is a risk that the equities may fall back further.”


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