Multi-asset

Holdings in cash among wealth managers have been rising in recent months as profit-taking off the back of rising equity markets, coupled with fears over slowing global growth, prompt valuation fears for some risk assets.

For managers looking to add alpha to their portfolios, striking the balance between stock concentration and portfolio diversification can be a tricky one.

New money pouring into the absolute return sector may not provide the protection investors are seeking, as data shows near-record correlations with long-only equity funds.

The Big Question

Sebastian Lyon, manager of the Troy Trojan fund, has warned shares in mid- and small-cap stocks are currently ‘priced for perfection', after valuations shot up substantially over the past decade.

Advisers and multi-managers reveal the funds they are backing for adventurous, balanced and cautious investors this year

Charlie Awdry has cut the number of holdings in his Henderson China Opportunities fund to create a more focused portfolio, while selling his last Chinese property holding as the indebted sector continues to struggle.

The top-performing Schroder Real Estate investment trust has launched a £40m cash call to shareholders in order to support a series of acquisitions across the property sector.

In this week's Budget, George Osborne announced a freeze on the duty on Scotch whisky, describing the industry as a "huge British success story".

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