BlackRock Global moves to cash to protect top-quartile gains

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The market falls seen since the start of August have been so widespread even managers with access to all global markets are seeking places to hide. BlackRock’s Andrew Williamson-Jones is no exception and he has fled to cash in the expectation of further corrections. Williamson-Jones’ £187m BlackRock Global Equity fund is now holding 11% in cash, up from 3%-4% earlier this year after the manager started building the position over the summer. He will not be fully invested unless the market falls another 5% or 10%. “As of 22 August the S&P 500 was down 10% for the year. If I saw it down ...