Coombs overweights risk ahead of difficult market for defensive investors

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Manager sells off high yield exposure and looks to equities amid UK recession fears

Current conditions are the toughest in years for low-risk multi-asset funds to outperform, according to Rathbones’ David Coombs, with negligible returns from cash and gilts. This has meant his Total Return portfolio is overweight risk – with 25% in equities – and the manager is predicting a tough summer for markets. Coombs joined Rathbones in 2007 after two decades at Barings, with the group launching a pair of absolute return funds – Total Return and the more aggressive Strategic Growth – in June 2009 for him to run. Benchmarks According to Coombs, the portfolios are absolute re...

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