Ninety One’s Stopford Says US at Epicenter of Market Risk

Ninety One Asset Management’s John Stopford is trimming his exposure to stocks and riskier debt, arguing that complacent markets are failing to prepare for a potential selloff in US assets driven by President Donald Trump’s policies.

The US is the “epicenter of uncertainty,” Stopford, who co-runs Ninety One’s $1.2 billion Global Managed Income fund, said in an interview. Current pricing in stocks and bonds does not reflect the risk of “some form of potentially significant setback,” he added, suggesting uncertainty over the Federal Reserve’s leadership as one potential selloff trigger.