According to its latest factsheet, the fund held a 52.45% cash position as at the end of February. Of the 47.5% invested in the stock market 46.35% has been put into his top 10 holdings with an additional 1% - totalling £12 million - spread across 18 holdings.
Gibbs (pictured), who is AA-rated Citywire and is the only manager to have been continuously rated since Citywire launched its monthly ratings service in September 2002, held a 12% cash position at the turn of the year.
He employed a similar strategy back in 2008, which proved to be a successful buffer against the credit crunch and the latest move suggests he has become increasingly bearish about the near term prospects for financials.
This is a particularly bold move by a highly rated fund manager. Could it be a sign that the 'ovredue' stockmarket correction is imminent?