Park Place bearish on Europe

Hedge fund managers Park Place International are bearish on Europe, having significantly reduced equity and increased their cash position on their European fund.

The company's Galileo fund is a multi-discipline fund that invests primarily in European, especially Italian equities.

The fund is not gearing at this point, has reduced its holdings to 40 or 50 positions and, although the company won't go so far as to definitely predict a bear market, they will wait and see.

Manager Giuseppe Ciardi

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