Dalton launches unconstrained Asian fund

The fund is run by Sally Macdonald, former senior fund manager at Morley Fund Management, who uses an unconstrained style when selecting stocks and only looks at relative weightings at the asset allocation level. The portfolio, which has between 45 and 75 stocks, is currently positioned heavily in construction machinery and infrastructure spending as there is high demand in the sector as well as margin improvements. Macdonald has 32pc of the portfolio in defensive stocks and 65pc in cyclical holdings, with the balance in cash, while at a country level over a quarter of the portfolio i...