Harris removes index shorts on 'oversold' UK and Europe

Henderson's Mark Harris removed UK and Europe equity index shorts across his three multi-manager funds over the past few days after gaining confidence of a market rebound.

Head of multi-manager Harris says he initiated the short positions, which equated to about 6% of each fund, a number of weeks ago on expectations of a volatile summer for global markets. While the manager continues to have put options on the market to protect against further sharp equity declines, Harris says the market has recently appeared oversold. "The sell-off to this current level seems to be a bit too much as the FTSE 100 should be able to support itself above 5,000," he says. "We therefore moved back into more of a neutral weighting. But we are not overly confident of a sus...