DUBAI Feb 20 Blackrock Frontiers Investment
Trust, part of major global asset manager Blackrock, cut its
exposure to United Arab Emirates stock markets last month
because of signs the markets were overheating, it said on
"We have noted the positive sentiment surrounding both Abu
Dhabi and Dubai but are now beginning to (see) signs of
speculative excess that warrants caution," Blackrock Frontiers
said in an update on its porfolio.
During January the fund "substantially reduced" its exposure
to the UAE, it said.
The fund had total assets of 220 million British pounds
($365 million) at the end of last month. Its 10 largest equity
investments include Emaar Properties, which accounts
for 2.8 percent of gross assets, and London-listed UAE firm NMC
Health, with 2.7 percent.
Blackrock has about $4.3 trillion of assets globally.
(Reporting by Andrew Torchia; Editing by Olzhas Auyezov)