Multi-managers favouring US over Europe

Bullishness on a recovering dollar and consensus the US will be first out of the global downturn are key drivers of the trend. Gartmore's head of multi-manager Tony Lanning said one of the first changes he made on taking control of the range in May was to reverse the existing overweight to Europe and underweight US. In the last three months, Lanning has taken the US position on the MultiManager Cautious fund from zero to 5% and cut Europe from 5% to zero. "The US was the first into trouble and it will be the first out due to the dollar and aggressive action by the Fed," he added. Credit...