Ugurtas retaining 60% of cash-type investments on Barings EM vehicle

Ece Ugurtas cut all the equity positions in the Barings Emerging Market Debt fund last year and is s...

Ece Ugurtas cut all the equity positions in the Barings Emerging Market Debt fund last year and is still holding 60% in cash-type investments to reflect her defensive view. The manager began allocating back into equities earlier this year but held the zero position for most of the second half of 2007. The portfolio currently has around 12% in the asset class, adding in three batches from February, against the 20% allocation at launch in December 2006. In October last year, she cut bond exposure by over 60% and moved into cash instruments, leaving around 7% each in Hungarian, Mexican a...