Jim Leaviss has been increasing exposure to the yen and reducing the US dollar allocation in his £1.1bn M&G Global Macro Bond fund, amid diverging monetary policies across the world.
The head of retail fixed interest (pictured) has taken exposure to the US dollar to 70%, down from 100% of the Global Macro Bond fund, while the yen is now one of the highest currency exposures in the fund. He has also taken off shorts in emerging market currencies that have been in place from the beginning of the year, as these have already suffered major falls throughout 2015. "We think it is time to start buying the yen as it is exceptionally cheap now, it is around 25% undervalued, perhaps more," he said. "We have taken dollar exposure to below 70% of the portfolio and increase...
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