Investec Asset Management's co-head of multi-asset John Stopford is running his most defensive portfolio since the 2012 re-launch of the Diversified Income fund, as a result of concerns about the rising risk of a recession.
Headwinds making Stopford cautious include the tightening of financial conditions, an unclear global trade outlook thanks to the actions of US President Donald Trump, as well as concerns about Italy. ...
The US dollar is close to peaking and the risks now seem to be on the downside.
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