Skandia UK Strategic Best Ideas cuts market exposure

10-manager team reduces market exposure to lowest level ever as a result of bearish stance on short-term growth

The 10 top managers controlling Skandia UK Strategic Best Ideas have dropped the fund's net market exposure to its lowest-ever level after becoming bearish on short-term growth prospects. At 3 February, the £77.8m fund had a 40.5% net market exposure, comprising 64.7% in long positions and -24.2% in shorts. It currently holds 11.1% cash. During January, the managers trimmed back market exposure from a starting level of 67.7% long and -21.5% short. Skandia's Best Ideas concept brings together the 10 top stock tips, either long or short, from 10 different fund managers. The line-up i...