Lanning reduces Europe underweight

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Gartmore head of multi-management Tony Lanning has added the BlackRock European Dynamic fund to his portfolios, reducing his long-term underweight in the region.

Lanning has trimmed his holdings in the Cazenove European and Neptune European Opportunities funds to buy Alister Hibbert's European Dynamic strategy, adding a 4% position in the Balanced portfolio and 7% in Active. Although Lanning remains underweight European equities, he believes Hibbert's beta-driven play on the asset class ties in with his sanguine view on the region. "We have been underweight the region and holding some relatively defensively-positioned managers, but we are not in the double-dip camp. "Those fears are probably overblown, and there is plenty of evidence to sug...

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