David Giroux, who has run the Capital Appreciation fund since 2006, has gained 13.5 per cent so far this year with a mix of equities and bonds, ranking ahead of peers and the Morningstar benchmark split between equity and fixed income.
But Giroux has cut the fund’s equity exposure down from about 70 per cent at the market low of 2020 to the mid-50s per cent level now, fearing that stocks are running too hot.
Giroux’s strong reputation for timing market shifts means other investors are likely to take note. “The equity market is rich here at more than 20 times earnings for the next year and we have pulled back,” Giroux told the Financial Times.
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