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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.
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.