M&G's Asian managers take profits to hunt cheap stocks

Godfrey and Vaight maintain annual turnover of 15%-20%

M&G's Asian fund managers have been taking profits from their stronger holdings and topping up selected stocks on valuation grounds over the past two months. Michael Godfrey and Matthew Vaight have reduced their allocation to companies which have seen share prices soar, to take advantage of depressed prices, with Godfrey claiming the best antidote to risk is to buy cheap companies. Last month, the pair reduced their weighting to NCSoft, a Korean online games company which saw its share price escalate by 150% over the previous three months, from 2.21% to 1.6%. They also decreased their...