Rathbones' Thomson cuts UK exposure to lowest ever level on Global Opps fund

Amid Brexit concerns

James Thomson, manager of the £1.3bn Rathbone Global Opportunities fund, has reduced his exposure to UK equities to just over 4% of the portfolio as at 31 May, which is its lowest level since launch in 2001.

The fund had 24% allocated to the UK prior to the European referendum in June 2016, but this was then cut to 15% by October that year. Since then, this has gradually reduced to the current level as the manager still has concerns about the consequences of the UK leaving the European Union. He said: "Post the Brexit referendum there was a meaningful drop and exposure has continued to fall because I have no idea how Brexit will play out. Some sales were stock-specific but Brexit is always looming in the background. Luckily, I do not have to know how it will play out because I have global fl...