JPM's Lanning cuts equity overweight for first time

JP Morgan's multi-management team has moved money out of equities as it moves from bullish to neutral on risk assets for the first time since launch.

Managers Tony Lanning and Nick Roberts had been overweight both equity and credit and underweight core government bonds since the launch of the £45m Fusion range of five funds two years ago. Equity exposure has been cut by between 4 percentage points and 9 percentage points, depending on the fund. The overweight to the asset class was based on the view that risk assets such as these would benefit from low inflation, boosting economic growth and central bank action. But they are now paring back equity weightings after a strong run by stocks, which has seen European equities rise by ...