Citywire Selection Verdict: This fund has an 80% allocation to bonds and nearly 20% exposure to equities.
Experienced duo Paul Read and Paul Causer are responsible for the bond element while the equity portion is run by Ciaran Mallon, who replaced Neil Woodford on this part of the fund in late 2013.
Causer and Read have moved the portfolio to a defensive stance by holding some cash and short dated bonds. They are still however finding opportunities in financial bonds and have also been rewarded by holding peripheral European government bonds which have rallied strongly.
The equity position gives exposure to solid blue chip equities such as pharmaceuticals giants AstraZeneca and British American Tobacco. Given the cautious view of the managers the equity portion dropped from 20% at the start of 2014 to 16% at the mid-point of the year.
For more details view the latest factsheet.