Gibbs slashes equity exposure to 20% on Jupiter Financial Opps

Jupiter's Philip Gibbs has slashed his net equity exposure to less than 20% as he adopts an extreme ...

Jupiter's Philip Gibbs has slashed his net equity exposure to less than 20% as he adopts an extreme defensive position on his Financial Opportunities fund. While New Star financial manager Guy de Blonay is less bearish, he has also taken defensive action. In January, Investment Week reported Gibbs had placed almost half his fund into bonds and cash. He has now cut equity exposure to just a fifth of his portfolio in preparation for "considerable" short-term risks. "The strain on financial assets is intensifying. Bond insurers MBIA and Ambac have been de-rated, which will result in fu...