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.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers