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AXA Framlington's Peirson wary of 'bond bubble'

Richard Peirson, the Citywire A-rated manager of the AXA Framlington Managed Balanced fund, can invest in a range of asset classes. However, the overvaluation of government bonds means he'd rather hold cash than bonds in his portfolio.

AXA Framlington's Peirson wary of 'bond bubble' Richard Peirson, one of the most consistent and long-standing mixed asset managers, favours cash over bonds in his AXA Framlington Managed Balanced fund. Having maintained a larger position in cash than bonds throughout 2012, he is concerned that a 'bubble' has formed in government debt and has less than 10% invested in fixed interest in the £400 million fund.

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