Dalton Strategic Partnership's Luca Vaiani has been forced to increase cash to over 30% in his multi-asset fund as most assets in the portfolio posted negative returns in June.
In May the Melchior Selected Trust Global Multi-Asset fund had just 0.9% in cash, but as all assets apart from Japanese equities and long volatility exposure plummeted, Vaiani was forced to sell across the board. The fund lost 5.7% during the month of June and is down 4.1% over the year to the end of June, with the most significant losses coming from emerging market exposure. Vaiani (pictured) said: "The market environment of the last month has been one of the most challenging of the last few years for the portfolio and in general for multi-asset strategies. The lack of diversificatio...
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