Fof managers wary of US

fund of fund managers looking to diversify away from market's small-cap biased funds

A focus on income, wariness of an over-priced US market and the need to make a conscious shift from small to large caps are all themes that fund of fund managers broadly agree on. In November, the Jupiter Merlin Income Portfolio trust added to Artemis Income and purchased a small holding in JPMF Natural Resources while Jupiter Merlin Growth and Merlin Worldwide Portfolios reduced exposure to Japan and Asia and added to Merrill Lynch UK Dynamic. Craig Heron, fund manager in New Star's fund of funds team, is flat on Europe and slightly underweight US but has recently moved back to overwei...