Investec Asset Management’s head of the contrarian team, Alastair Mundy, has boosted allocation of the Cautious Managed fund, Fund Web reports. Mundy has increased the allocation to cash and short-dated government bonds by 7%.
The two asset classes will now have in total 14% allocated to the £1.9 billion portfolio. Mundy sold two of his top 10 stocks, BP and Vodafone, due to non profitability of the stocks.
Click here for the story from Fund Web.