Magellan Financial Group co-founder, Chris Mackay, has quietly turned extremely bearish on equities, switching almost half the holdings in his $1.6 billion global equities fund to cash.
MFF Capital Investments, a listed investment company known as the Magellan Flagship Fund until a rebranding and operational restructure in 2016, has built a 46.4 per cent cash position as of May 29, mostly held in US dollars.
Loading...
Tom Richardson writes and comments on markets including equities, debt, crypto, software, banking, payments, and regulation. He worked in asset management at Bank of New York Mellon and is a member of the CFA Society of the UK as a holder of the Investment Management Certificate. Connect with Tom on Twitter. Email Tom at tom.richardson@afr.com
