Anthony Nutt has almost halved the number of holdings in his £2.5bn Jupiter Income trust since 2007.
The FTSE has extended yesterday's gains, adding 0.2% in early trading, as strong corporate earnings and upbeat economic data continue to power the index.
The FTSE clawed back some of yesterday's losses in early trading despite losses in the US following Standard & Poor's downgrade.
London's leading share index edged up this morning while other global markets were cautious on fears China will hike interest rates to stem soaring inflation.
The FTSE 100 is in the red in early trading with miners leading it lower despite gains overnight in the US.
The FTSE 100 opened higher this morning after a sharp fall yesterday on news Japan had been hit by a second earthquake.
World markets have dropped after Japan was struck by a second earthquake in as many months.
Markets have opened firmer across Europe despite Portugal's request for €80bn, with investors waiting on interest rate announcements in the UK and Europe later today.
London's leading share index edged up this morning, despite fears of an imminent end to US economic stimulus.
Oil has hit its highest level since August 2008 and has broken a new record in sterling terms, hitting £74.60 a barrel.