Risk-on or risk-off: Fund selectors on late cycle positioning

Portfolio managers reflect on their biggest dilemma as volatility returns

In Q1, after a couple of years of relative calm, volatility returned to global markets with the Dow Jones suffering its biggest one-day loss in six years, making some investors cautious. In October markets suffered a further wobble on trade war fears and concerns about rising US interest rates.

At the same time, 10 years on from the onset of the global financial crisis, the bull market for equities continues to run, though the feeling among most experts is that we are now entering the late stage of the investment cycle.

Portfolio Adviser asked three fund buyers, from Coutts, Iboss and Gore Browne Investment Management, how they are positioning for risk in today’s market.

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