Reuters – Gartmore fund of funds manager Bambos Hambi told Reuters on Thursday he has removed a hedge against the dollar in some of his portfolios because he believes the greenback is unlikely toweaken significantly from here.
Hambi, who runs over 450 million pounds in multi-manager portfolios, said that on Wednesday he moved his North American holdings out of the sterling share classes he has owned for almost three years and into dollar share classes.
Multi-managers hold a basket of funds, often run by external managers.
“A lot of speculators are trying to push the dollar lower. It seems to be a common position. It makes sense to lock in gains,” Hambi said.
The dollar has fallen sharply in recent years on concerns about the swollen U.S. current account deficit and fears central banks might shift reserves into other currencies.
