Financial Services Industry
Industry: Email Alert RSS FeedGlobal equity is too risky for allocators.
Investment Adviser, June, 2006
A sluggish UK growth outlook coupled with US earnings nearing their cyclical peak meant the markets were unattractive to asset allocators, a Merrill Lynch manager said.
Dennis Stattman runs the AGBP2.5bn MLIIF Global Allocation fund, a global unconstrained fund which aims to sacrifice upside at the top of the cycle in exchange for continued performance at the bottom of the market.
The fund can hold stocks, bonds and cash equivalents, and aims for total return instead of following a benchmark.
Mr Stattman said the last few weeks highlighted the potential risks associated with overexposure to global equity markets. He took his fund underweight in Europe and North America, and adopted a materially overweight position in Asia, where growth...
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