Rathbones' Coombs builds cash 'to take advantage of a correction'

Continues to favour US over Europe

Rathbones' multi-asset portfolio managers have been building up cash and 'safe haven' assets as head of the team David Coombs warned "things are getting pricey".

Coombs and his assistant manager Will McIntosh-Whyte said they had moved their portfolios' cash position higher through selling government bonds, given their low-to-negative real yields and the instability being witnessed across the Western political stage. In addition, portfolios are also buffered with other ‘safe haven' assets, having built positions in Swiss francs, gold and other diversifiers. Coombs said: "Investors have been complaining about this bull market for equities for what feels like years. It is an odd situation, as it does not really seem like something you should be c...