Unicorn's Walls ups cash weighting on Mastertrust ahead of potential market correction opportunities

Unicorn Asset Management's Peter Walls has increased the cash level on his £60m Mastertrust to nearly 18%, as he readies the portfolio to take advantage of a 'natural' turn in the cycle.

The manager of the fund of investment trusts noted the current strength of the market, particularly within the closed-ended sector which saw average discount levels of 3.6% in April this year - the tightest on record - according to analysts at Stifel. But while Walls does not agree this is an automatic precursor to a downturn, he believes it is "natural for the cycle to turn" and is preparing to take advantage of any value opportunities that may arise by raising cash levels to 17.6%, according to the fund's October factsheet. He said: "I do not think there has been any proven correlat...