SWIP's Harries redeploys cash into equities

SWIP multi-manager head Mark Harries is moving back into equities, after halving his exposure following last August's sell-off.

Harries, who runs the £228m Multi-Manager Diversity fund with co-manager Simon Wood, has raised his equity weighting on more bullish hopes for a recovery in the global economy. His fund suffered in the week following last August’s sell-off and the vehicle fell into the bottom quartile of the Cautious Managed sector.  Following the market exodus, Harries cut his equities exposure from 41% to 20% and raised cash to above 20%. However, as markets start to recover the multi-manager has now increased his equities exposure to 30% and doubled his commodities weighting from 3% to 6%. “La...