Citywire Selection Verdict: There is an 80% allocation to bonds and nearly 20% exposure to equities, which is run by Ciaran Mallon. He recently replaced Neil Woodford on this part of the fund.
The equity portion is run by Ciaran Mallon, who replaced Neil Woodford on this part of the fund in late 2013, while experienced duo Paul Read and Paul Causer are responsible for the bond element.
The duo has moved the portfolio to a defensive stance by holding 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.