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Exclusive: how top asset allocators are positioned

The latest issue of The Accumulator is online now with details of how top fund managers are placing their asset allocation bets.

 
Exclusive: how top asset allocators are positioned

The Accumulator, our free, weekly, two-page investment newsletter rounding up what the best fund managers around the world are telling Citywire journalists is available now.

As always there is a unique page of data showing how global stock markets, currencies and the main asset classes are performing. This data is not available elsewhere on the Citywire Money website.

The newsletter is in an easy-to-print PDF format.

The Accumulator is absolutely free to registered readers of Citywire Money.

If you're registered with us and are signed in you should see the link to issue six below. If not, please follow the instructions to register or sign in.

Here is the latest issue of The Accumulator.

4 comments so far. Why not have your say?

hooligan

Feb 19, 2013 at 15:17

where are the numbers for uk index linked gilts ...also ..how come the table at the bottom stops at 7 november 2012 and there is a 2013 year to date return?

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Chumpy via mobile

Feb 23, 2013 at 12:04

"As gilt prices fall, their yields rise, forcing up the interest rate the UK pays". I suppose this doesn't mean gilts already issued as the interest is fixed, but the rate that will have to be paid on future issues (especially with the loss of AAA rating). Or am I mistaken?

I also wonder how QE purchases are affected

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hooligan

Feb 23, 2013 at 15:10

quite right..gilts already issued continue to pay the yield prevailing when they were issued..some at 8% some at 1/4% with different maturity dates.

the average coupon and maturity of the current gilt market is the equivalent of a 14 year bond with a (guesstimate) 4% coupon. the 4% coupon is being changed as new debt gets issued and old debt gets "rolled over".

new debt is being issued at around 8% of the entire gilt market each year, in order to fund the fiscal deficit.

old debt is being rolled off at at average of 7% every year (1/14 years) so the total amount of debt being financed at current yields is around 15% of the market.

here are some links for you

glossary of terms

http://www.dmo.gov.uk/index.aspx?page=Links/Glossary

here is a gilt index tracker fund, that replicates gilt market characteristics (so skip to the performance and "fund data" tables

http://www.blackrock.co.uk/literature/fact-sheet/blackrock-uk-gilts-all-stocks-tracker-fund-factsheet.pdf

here are a few bond maths links:

http://www.fixedincomeinvestor.co.uk/x/learnaboutbonds.html?id=98

http://www.investinginbonds.eu/Pages/LearnAboutBonds.aspx?folder_id=392

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Ladysaver

Feb 24, 2013 at 19:10

I agree with Hooligan - where's the data on index-linked gilts? Amongst all the current commentary about govt bonds, much of it dire warnings to run for the exit before an imminent price-collapse / rising yields, I wish more included commentary on index Linked Gilts and other I-L govt bonds. They behave differently from conventional bonds and it's interesting to see these top cautious managers holding er, rather a lot of them.

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