Old Mutual Global Investors (OMGI) manager Ned Naylor-Leyland has added Bitcoin to his Gold & Silver fund, as he said the growth of the cryptocurrency points to a move towards a cashless society.
Naylor-Leyland, who has managed the $256m Gold & Silver fund since March 2016, has a 2.5% allocation to the cryptocurrency via a Bitcoin ETF. Bitcoin is currently trading at more than $8,500 after slumping from as high as $20,000 last year. The cryptocurrency is notoriously volatile, falling as much as 25% in one day, but Naylor-Leyland said other assets in his fund had a similar risk profile. "If I was not in Bitcoin, the cash would be invested in junior gold mining, which has similar volatility to holding Bitcoin, so does not alter the volatility profile of the fund," the manag...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
