Cautious Aberdeen multi-managers build cash but still bullish on equities

After running almost fully invested over the last few months, the Aberdeen MM team increased cash levels to about 5-7% across the portfolios over the past week. As has been the case over the summer, Duce expects equity markets to continue moving within a trading range for the foreseeable future. "We are cautious in the short-term, especially considering the strong September we have seen," Duce says. "Equity markets have been in this trading range for some time and we think we are now near at the top of this. After experiencing the worst August in a decade, the S&P is up almost 10% ...