Saltus locks in profits on sterling slide

Saltus Partners has this morning taken some profits on a number of overseas positions to cash in on sliding sterling.

The absolute return house trimmed exposure to gold and other US and European assets, taking a little of its currency risk off the table. Sterling has fallen by 5% in dollar terms over the last 10 trading days, with the pound continuing to edge lower today. Dan Kemp, who runs Saltus' multi-asset portfolios, says while the group moved to lock-in profits on recent pound weakness, they remain bearish on the medium-term prospects for the currency. "Sterling weakness was already a key theme in our portfolios, despite this we are concerned by this fall," he says. "The latest fall in St...