Aberdeen adds to US equity overweight

The group has added positions in the $1.5bn (£950m) Cullen North American High Dividend Value Equity fund to its £52.8m Multi-Manager Equity Managed and £55.2m Multi-Managed Balanced funds.

The fund, which is managed by James Cullen and John Gould, was previously a holding in Aberdeen’s £19.8m Multi-Manager Multi Asset Distribution fund, but that it was now included in the other two funds.

The Aberdeen multi-managers have also added weightings in the $111.6m Montag & Caldwell US Equity Large Cap Growth fund across the range.

Rob Bowie, a multi-manager alongside co-heads of team Graham Duce and Aidan Kearney on the £8bn range, said the team’s US overweight had “marginally” increased as a result of the acquisitions, which were partly funded by the reduction of other US equity fund positions.

“What we have added is one growth and one dividend orientated fund to our range. Besides blending nicely together they supplement our existing holdings,” he said.

In the team’s £74m Constellation fund a degree of UK equity exposure has been reduced to enable the purchase of the Cullen and Montag & Caldwell funds.

Mr Bowie said UK funds were reduced slightly across the board, rather than any individual positions being exited.

He added that the team was increasingly positive on the US stockmarket, even though improvements in US economic newsflow have now been widely covered.

“We have been overweight the sector average in relation to the US for a considerable period, which has been a positive call for us over the past year,” he said.

“There has been quite a bit published recently about the economic environment in the US being more resilient than Europe and the UK, and from a developed market perspective we have been positive towards it on a relative basis and remain so.”