Friday morning several macroeconomic signals led Manivest to place sell orders on most of our portfolio. Positions in Daimler, Apple, Western Digital, Nordea among others were closed. We believe its time to wait for the market to correct itself, and we are monitoring developments closely to buy back in after the what is believed to be a world wide sell-off.
Uncertainty of a future rate hike by the FED, news from Greece and Europe in general combined with a low growth outlook, calls for caution and action, and Manivest has chosen to protect its portfolio and performance year to date by going cash on a large amount of our positions.
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