Aberdeen multi-managers cut US to boost Europe and Asia

Aberdeen's multi-manager team has boosted exposure to Europe and Asia across its equity portfolios in the past few weeks after reducing its US allocation.

Co-head of multi-manager Graham Duce says the team previously cut European exposure in February over sovereign debt concerns in favour of increasing the weighting to the recovering US. However, the managers have recently reversed the move and have built European equities back up from 8% to almost 13% in their flagship equity portfolio, the Aberdeen Multi-Manager Constellation fund. "European markets looked deeply oversold in May, so it was very much a contrarian move to go back into this market," Duce says. "While we made the decision on the view Europe could bounce back from these...