Parmenion ups exposure to Europe and EMs but cuts UK

Monetary policy changes have prompted Parmenion to adjust the European and UK equity weightings in its tactical portfolios.

The firm has moved from underweight to neutral on Europe and emerging markets, while shifting from overweight to neutral on the UK. Its increased European exposure follows ECB president Mario Draghi's announcement of a €1.1trn quantitative easing programme in January. The move, which was bigger than expected, indicates Draghi's willingness to do what it takes to support the eurozone. "This is anticipated to support the recent improvement in leading indicators. When combined with relative attractive valuations this goes some way to offset the ongoing structural and political problems t...