Cheviot cautious over Japan and US markets

Cheviot Balanced manager William Buckhurst looks to Europe and UK for growth as he sees no catalyst in Japanese and US equities

Cheviot fund of funds manager William Buckhurst remains cautious over the Japanese and North American markets, preferring instead to take strong positions in the UK and Europe. Buckhurst, who co-manages CF Cheviot Balanced, said while company valuations in Japan were improving, he sees no catalyst to push up valuations in the equity market. Buckhurst has just 2% of his fund in Japan, in the more defensive, large-cap vehicle Schroder Tokyo. "Japan is an interesting area- many managers came unstuck there in 2006," he said. "I do not know what the catalyst might be, and I am adopting a 'wai...