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BlackRock Fund Turns to Japan, Cash, as Global Volatility Rises

  • Manager of $90 billion strategy sees rising China uncertainty
  • Global Allocation Fund has parked 20% of assets in cash

BlackRock Inc.’s Dan Chamby, who helps manage a $90 billion global strategy at the world’s biggest money manager, said his fund is overweight Japan and has parked one-fifth of its assets in cash amid worldwide volatility and rising uncertainty in China.

The fund has a 12 percent allocation to Japan compared with 4.5 percent for its reference benchmark, which is a composite of four indexes, said Chamby, managing director and a portfolio manager of the BlackRock Global Allocation Fund. The fund has 20 percent of its assets in cash, higher than the 14 percent average over its 26-year history, he said.