Hargreave: FTSE will slump to 4,700 in next sell-off

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Marlborough's Giles Hargreave has been building up his cash positions as he expects one more major market sell-off, which will send the FTSE 100 down 10% to 4,700.

The Hargreave Hale CEO has built up a 15% cash position in his £90m multi-cap income fund, and 20% cash in his £60m UK Micro Cap Growth fund, in the view markets have become far too illiquid. Hargreave said he cannot see eurozone leaders coming up with a resolution in the short term to ease the debt burden plaguing the Continent, meaning markets will remain depressed for some time. “I am sitting on the fence and have built up large cash positions. In this uncertain climate, with no solution as yet to Europe’s woes, I think it is the best place to be as the FTSE 100 is at least going...

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