Miton's Gray plays currency markets

Miton's Martin Gray is banking on sterling weakness after buying up euro, Swiss franc and yen cash f...

Miton’s Martin Gray is banking on sterling weakness after buying up euro, Swiss franc and yen cash funds on his Special Situations vehicle. The manager is using cash positions as a defence against market turmoil, favouring foreign currency in the belief that sterling is set to fall. Gray said: “Sterling is showing signs of weakness, and some high-yield currencies are unwinding. “For example, the New Zealand dollar fell 25% against the yen in a very short time.” Gray said he views cash as an asset class and began increasing his cash holdings last year due to concerns over the credit ...