Old Mutual Global Investors' head of UK equities Richard Buxton believes investors have the opportunity to "fill their boots" with UK equities as allocations by global fund managers fall to record lows.
According to the latest Bank of America Merrill Lynch survey, global exposure to UK equities has fallen to the lowest level since records began, while statistics from the Investment Association showed outflows from UK equity funds in January doubled the previous month's outflows to reach £532m. Buxton, who runs the Old Mutual UK Alpha fund, gave the example of a stockbroker he knew in New York who had recently sold his last UK equity holding as he did not feel any UK companies offered an attractive opportunity. His own UK Alpha fund has also seen assets fall from £2.4bn at the start ...
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