JOHCM's Leyland maintains 20% cash in his global fund in preparation for 'uncomfortable correction'

Held high cash levels for three years

Ben Leyland, manager of the £250m JOHCM Global Opportunities fund, said he is sticking with his almost 20% cash position as he forecasts an "uncomfortable correction" in the coming years.

The manager (pictured) has held 15%-20% in cash for the past three years, with the current level at 19%. He said he is weary of "expensive" share prices and does not want to part with capital at the wrong price, even though this has dragged on short-term fund performance. "We want to focus on committing capital to areas that we understand and will think will pass the test of time. The outlook looks very difficult as uncertainty is high," he said. JOHCM soft closes Global and Euro Select funds after AUM jump "We are running the portfolio to survive in difficult markets - we do not w...