OPM’s multimanagement team has shrunk its cash position taking advantage of opportunities in the UK m...
OPM’s multimanagement team has shrunk its cash position taking advantage of opportunities in the UK market.
Last Friday Ross Henderson and Tony Yousefian reduced cash on their Balanced Managed fund from nearly 16% to around 7%, investing in UK equities.
“We thought it was getting to the stage that the downside risks were far less than the potential in the market. The FTSE 100 looked strongly supported at the 5,300 points level,” said Henderson.
“It did look there was going to be a rally but the markets have since come off a bit this week,” he added.
Similar changes were made to the UK Equity fund where cash was reduced from 7% to 3.5%.
On Monday they further reduced the cash position down to 1% on Balanced Managed, adding some single UK equity positions and purchasing a stake in the onshore Investec MENA fund.
“This is a fund we have looked at for some time but were not able to buy the offshore version because of the Ucits III rules. It held a bit of another fund which restricted us.
“The onshore version was launched and we met the managers. We think it is a good story.”
On the Property fund of funds cash was also reduced to increase exposure to the US market.
Henderson and Yousefian increased exposure to global Reits through the Franklin Global Reit fund which had a relatively high weighting of 51% in the US.
“The manager also has some decent performance figures so we like this vehicle.”
