Burns holds third in alternatives

Smith & Williamson manager has moved a third of his portfolio away from long-only assets based on cautious market view

Smith & Williamson's (S&W) head of multi-manager James Burns has moved a third of his portfolio away from long-only assets as he grows more cautious on equities. The £55m Nucleus Global Investment portfolio, a fund of closed-ended vehicles, now has exposure to funds of hedge funds, private equity, zero-dividend preference shares, commercial property, timber and structured products. In commercial property, the fund has exposure to Germany, China, Bulgaria, India and the Mediterranean area. Burns believes property is better suited to investment trust structures as managers do not need to w...