JPM's Gregson: I was wrong on gold miners

J.P. Morgan Asset Management's Neil Gregson has taken his exposure to gold miners to a historic low of 15% as the sector continues to suffer a torrid period of underperformance.

The manager of the £1bn JPM Natural Resources fund sold a large portion of his gold holdings before April's price slump, upping his exposure to oil companies and copper miners in the process. Until recently Gregson had been one of gold miners' biggest defenders since taking over the fund from Ian Henderson in 2009. But this week he conceded the strengthening dollar and falling gold price have been too difficult for miners to overcome. "We felt the headwinds were building for gold, with an expectation QE would taper, while the dollar was stabilising ahead of some form of US recovery," ...