Marwood shifts stance from gilts to equities

Axa IM Distribution manager remains bearish on inflation

Axa IM's Richard Marwood has increased the equity exposure in his £257m Distribution portfolio after trimming a large overweight in index-linked gilts. Marwood had built up a 45% weighting in index-linked government bonds as a hedge against inflation, but the manager has trimmed the position in favour of equities following the recent market rally. "In hindsight, if we had put more into equities that would have been great. But we will carry on increasing our weighting as rights issues go through," he says. While Marwood - who also runs the firm's Ethical Distribution and UK Opportuniti...