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Gary Potter, co-head of multi-manager, said the US weighting in his £9.2m Thames River Global Boutiques fund had gone up to 30 per cent following good news on the US dollar and support for government-sponsored enterprises Freddie Mac and Fannie Mae.

Mr Potter said the team had made similar moves in its other four portfolios - the £8.1m Cautious Managed, £7.5m Distribution, £3.9m Balanced Managed and £2.7m Equity Managed funds.

"We have upped our US market allocation," he said. "We caught some of the dollar rise. One thing we have noticed is the US equity market has done very well on a relative basis. The US was first in and will be first out of this crisis."

Mr Potter and his Thames River co-head Rob Burdett have been using new cash flows into their fund to top up US holdings rather than adding to the UK.

Current US funds in their portfolios include the Findlay Park American Smaller Companies, the £48.4m Neptune US Opportunities, the £27m JOHCM US Opportunities and the £141m Martin Currie North American Alpha vehicles.

Mr Potter added the team was reviewing its fixed interest investments. He said it had been maintaining its weightings in high-quality corporate bond funds, but did not see similar attractions in the high-yield markets.

Key fixed income investments in Thames River's fund of fund portfolios include the Thames River Capital's own Global Bond fund.