Eugene Philalithis, manager of Fidelity International’s MultiManager Income fund, has sold down precious metals, Financial Times reports. He sold a precious metals exchange-traded fund, which made up 2.5% of his portfolio.
In commodities, he now only owns a 2% position in the Schroder Alternative Solutions Commodity fund, which holds some precious metals and makes his exposure 0.5%. Philalithis is concerned that commodity prices will suffer first as the global economy slows down.
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