Uncertain UK outlook prompts Donnelly to cut sterling weight

The manager reduced holdings at the beginning of February, dropping the cash position to 10% from 20% and reducing equity exposure to from 15% to 7%. The proceeds were put primarily into US equities, pushing its weighting to 40% in the £14m Sustainability fund. “We decided to cut our sterling exposure when it became clear the Tories were not keeping their punchy lead ahead of Labour and the possibility of a hung parliament became more likely,” she says. “We had raised cash as a defensive position, but at the start of February we starting reducing this.” Donnelly introduced a 2.5...