Redemptions rise to highest levels since 2008

S&P Capital IQ graded portfolios show that over the last 10 days as European equities tumbled, returns for sterling-based investors are being further slashed by sterling’s rapid strengthening against the euro. Most managers report having raised cash from operating levels to between 5% and 10% of total portfolio assets, even higher where permissible. This latest research says that in the absence of any confident debate, or governmental consensus across Europe, portfolio construction has become highly stock-specific. “A key finding from our annual review of the Europe sector is that por...