M&G's Rhodes cuts Global Dividend holdings to record low

M&G's Stuart Rhodes is running a record low number of stocks in his £8.5bn Global Dividend fund, having sold many US holdings on valuation concerns, as he begins to look to new regions for yield plays.

The manager now has just 46 stocks in the portfolio, but is actively looking for new investment opportunities in order to return to his usual 50-stock minimum. "It is becoming more challenging to find businesses in the US at reasonable valuations," Rhodes (pictured) said. "We have sold US companies such as Chubb, CME Group, Mattel and BlackRock and we are now running at the lowest number of stocks ever." Rhodes has also reduced the allocation to high quality companies in the portfolio in order to capitalise on the growing interest in value stocks. He has also rotated the fund to be mo...