Managers of the Smith & Williamson's Enterprise fund have reduced its net long exposure to equities to near all-time lows and continues to grow its short exposure on the belief markets can "no longer rely on hope and optimism".
The £136m fund is currently running a net long position of just 14% as its managers Rupert Fleming, Mark Boucher and Mark Swain prepare to tackle the end of quantitative easing and "stock dispersions" within sectors. Retail investors continue to exit UK equities; Fixed income becomes best-selling asset class in July Swain (pictured) said: "Investors have made a lot of money in the bull market, but as we move from a period of extensive quantitative easing into one where such support is being wound up, it creates an even more supportive environment for funds like ours. "Long only man...
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