F&C MM team tilts funds away from defensives

F&C's multi-managers have begun reducing exposure to defensive funds across their Lifestyle portfolios in the view that the global economy is in a gradual recovery.

The team, led by Dean Cheeseman, has sold down positions in Neil Woodford’s Invesco Perpetual High Income, and Artemis Income, managed by Adrian Frost and Adrian Gosden. Instead it has added to positions in Richard Buxton’s Schroder Alpha Plus fund, and BlackRock Special Situations, managed by Richard Plackett, across the Lifestyle fund range. Plackett’s fund is now one of the larger positions in the funds at 7.5%. The managers began to tilt the portfolios away from the more heavily defensive funds last year, moving out of First State Asia and into Veritas Asian, which they say tak...