Kooyman sells Aberdeen amid fears equity markets are poised to correct

Sanlam's top-performing financials manager Kokkie Kooyman has warned investors they should be wary of owning companies which are highly correlated to equity markets ahead of an expected correction.

Kooyman, manager of the Sanlam Global Financial fund, sold his position in Aberdeen Asset Management late last year following a momentous move higher for the stock, in anticipation that equity markets would correct. The manager conceded he had sold his stake in the group too early after it continued to climb in 2013. However, he said now was not the time to buy back in as Western equity markets – chiefly the UK and US – look overvalued. “We held Aberdeen and that is one we sold too early,” the manager said. “We don’t like overpaying when valuations get too high, especially as Aberd...