Risk-averse MMs hold on to cash

Defaqto research shows MM funds sitting in Unclassified sector hold highest cash weightings

Multi-managers across the industry are sitting on large cash positions as they wait for market turbulence to abate. According to Defaqto's August research, multi-manager funds sitting in the Unclassified sector have the largest cash holdings. North's John Husselbee is the most extreme example, with 72% in cash in his white label Premier Sentinel Universal fund. The manager said market volatility was to blame for his unwillingness to deploy cash within the £12m fund, which launched in June. He believes improvement in the financial sector is key to restoring market confidence. His P...