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05 June 2016

フィナンシャルタイムズ紙:英国のEU(欧州連合)離脱に備え、一部のファンド・マネージャーは英国中小型株や不動産関連銘柄を売却


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A new set of public opinion polls on the UK’s EU referendum was enough last week to drive the cost of sterling insurance to levels unseen since the financial crisis.


Economic forecasters, including the International Monetary Fund, the OECD and the Bank of England, have argued that a vote by Britain to leave the EU would wreak havoc in financial markets, and have unprecedented effects on growth in the UK, with added ramifications for Europe.

But for asset managers biting their nails over probabilities, there is a lot of uncertainty regarding how best to price in, and make money from, the referendum in two weeks.

Other fund managers say they have not changed their approach to investing in UK companies at all, citing a belief that cash-rich companies can withstand a Brexit.

“In times of crisis, lowly leveraged, lowly volatile companies preserve most of your wealth,” says Andrew McNally, chief executive of Equitile, the boutique fund house. “Does that protect you from a market crash? No. But it will protect you from losing too much wealth.”

Full article (FT subscription required)



© Financial Times


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