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Correction protection: Marcus Brookes lifts cash to near record
by Eleanor Lawrie on Feb 05, 2014 at 11:00
Elsewhere, he is also taking ‘baby steps’ towards commodity stocks, after a rocky period in 2013 due to a slowdown in demand from China.
The team holds the BlackRock Gold & General fund, which fell by almost half last year. However, Brookes bought the fund near the bottom of that trajectory.
The manager has built up a 1.3% position in the fund, which although small, is described as a ‘statement of intent’.
‘We do not think the gold industry will go bust. We think the gold price will be stable and may even improve,’ he said.
The multi-manager range has also taken a position in JP Morgan Natural Resources, run by Neil Gregson, as the managers anticipate a pick-up in infrastructure spending in the US as its fiscal situation continues to improve.
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