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View the article online at http://citywire.co.uk/wealth-manager/article/a726024

Central bank ‘incompetence’ keeps Mundy on the defensive

by Chris Sloley on Jan 03, 2014 at 14:29

Decidedly defensive

This combination of factors has seen Mundy reiterate his cautious approach to the markets.

‘We are very defensively positioned with significant allocations to cash, gold and inflation-linked bonds. We worry asset classes will be highly correlated in a future market sell-off and are looking to dampen some of this effect.’

His cautious approach has seen the flagship Investec Cautious Managed fund lag its benchmark over three years, returning 21.63% versus a 25.92% rise in the LCI/FTSE 350 High Yield/Brit-Gove 5-15Y composite index.

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