Asset Allocator tends to visit Yorkshire but once a year, and typically needs to take the next day as annual leave, so we were delighted when the folk at Keighley-based RSMR got in touch with their latest asset allocations.
High cash levels are a recurring theme of RSMR portfolios, with the latest update disclosing the defensive portfolio has 27 per cent in cash, right down to the adventurous model at 2 per cent.
Perhaps intuitively, it is equity exposure that is sacrificed for higher cash levels, with the defensive portfolio at just over 10 per cent (of which half is in the FTSE) while the adventurous portfolio has 20 per in the FTSE alone, as part of a stonking 89 per cent equity exposure.
The other part of the book which is consistently overweight is alternatives, with 19.5 per cent of both the defensive and prudent portfolios held within this bucket.
Within the income portfolio, 48 per cent is held in equities, which is a smidgen above the 46 per cent average for the income portfolios of the DFMs we cover.
Among the funds bought by RSMR in 2023 so far are Hermes Global Emerging Markets SMID, Ninety One Diversified Income, and Liontrust’s Diversified Real Assets fund.
The latter has gone from having no allocators owning it, to two in the past six months or so including, rather helpfully, Liontrust's own DFM team.