Ian Warmerdam, manager of the Henderson Global Growth fund, has been cutting exposure to the US and shifting to emerging markets, as the runaway performance of the US market has caused elevated stock values.
The manager of the £377m portfolio said the US still remains a heavy allocation, with 56% exposure due to the core technology theme he is playing on the fund. However, this has come down by nine percentage points more recently. He said: "Our US exposure has been coming down as companies have been hitting their price targets while performing very well." Technology is central to the themes Warmerdam has pursued in the five years since he reformed the fund's strategy, which include internet transformation, healthcare innovation, alternative payments and energy efficiency. That stra...
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