McQuaker and Hanbury sell gold despite higher inflation

Henderson's Bill McQuaker and Odey's James Hanbury have been slashing gold positions despite rising inflation.

Head of multi-manager McQuaker cut physical gold from the £553m Multi-Manager Income & Growth portfolio while Hanbury, manager of the £128m UK Absolute Return vehicle fund at Odey has completely sold the asset. McQuaker's January commentary says: "This month, exposure to gold equities was scaled back and the physical gold fully divested due to market sentiment and valuation concerns." The proceeds of this sale were invested in developed market funds. He still holds BlackRock Gold & General. At Odey, Hanbury, has completely sold out of gold in the view it is a crowded trade and has...