JPM Private Equity has reduced its gearing to 38%, having run it as high as 60% at the start of the year, cutting it back from "nosebleed" levels.
Emerging markets took a tumble at the start of the year and worried investors pulled their money out of some of the largest emerging market equity funds in the UK market.
Multi-asset managers are using setbacks such as that caused last week by unrest in Ukraine to increase their exposure to buoyant markets.