GLOBAL - ISIS Asset Management has cut back its overweight exposure to global equities within its multi-asset portfolios.
The asset manager said the move reflected a more defensive stance towards stock markets.
ISIS CIO Robert Talbut said the selling activity has focused on US, European and UK equities leaving in place ISIS' preference for Asian markets and an underweight bond position.
He explained: We're a long way off from growing bearish as this move simply takes us from being overweight equities to a neutral position and we remain pretty downbeat on government bonds.
Although the macro-economic outlook remains broadly favourable, equities have staged a sharp recovery over the last year and we now feel that most good news is already priced into the market. Equities should make some modest progress during the rest of the year but our overall impression is that the easy gains are over.
The selling activity has impacted a number of portfolios, both institutional and retail, including the ISIS managed distribution fund.
An ISIS statement said that where possible the proceeds from the series of trades will be left in cash.
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