Bestinver Reduces Spanish Exposure, Increases Cash Holdings

The Euro periphery has had an incredible 2014 so far, leading developed market stocks with some countries getting double-digit returns in the first quarter as investors position themselves for what they expect to be the beginning of a major rebound. But Madrid-based Bestinver Asset Management, a widely respected fund that leans toward value strategies, is reducing its exposure to those economies in favor of cash. Bestinver moves toward cash, large caps “We have moderately reduced the exposure to Spain and Portugal,” writes Bestinver chief marketing officer Beltran Parages in a recent letter to investors. “This is a very low risk…