New Star Fof team cutting cash positions

Group's multi-managers are reducing cash positions after taking weightings as high as 18% to avoid economic US fallout

New Star's multi-manager team is currently reducing the emergency cash positions they adopted at the start of the year. Mark Harris and Craig Heron, together with recently promoted Asia Portfolio manager Robert Jeffree, took cash on the range as high as 18%, reducing China and Brazil holdings to avoid US economic fallout. "There has been quite a lot of activity on the funds this year because of the market conditions. "We were raising our cash positions as soon as we got into the office this year. "Cash probably peaked at about 18%, and this turned out to be the right move," said Jef...