Investec's King bolsters equity exposure in Multi-Asset fund

Investec's Max King has boosted his exposure to equities on the belief negative market sentiment has peaked.

The investment manager used his large cash position to take equity exposure from 32% to 50% in his £200m Multi-Asset Protector (Map) fund, and from 60% to 68% in the £16m Balanced Managed fund over the past month. "We have had a positive view on how markets would perform this year, but we were cautious about the first six months," he says. "In the beginning, we were slightly surprised the year started so well, but we thought the problems in the US would come back and bite everyone, which they did. "The markets became dominated by macro fears: particularly on the US, everybody was s...