Style rotation more of a concern now, says RCM

Like most bottom-up asset managers with a focus on stock-picking, RCM ran into difficulties from early 2009 and has had to rethink its approach. That has led to it putting a stronger focus on risk controls and taking a more flexible approach to portfolio allocation. Fundamentals-driven, growth-type strategies suffered during the equity re-pricing that took hold in the global financial crisis. Taking positions in liquid, high-quality stocks was no defence against the indiscriminate se…