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AA-rated Bowie warns rising inflation could devastate bond returns
Markets
by Matthew Goodburn on Jan 30, 2013 at 11:41
Bowie said: 'We have nothing in European reinsurers as although we think they are sound businesses, they are looking quite expensive.'
Most of the financials exposure is in tier two covered bonds, and the pair prefer UK banks over their European counterparts, with bonds in Barclays and RBS held.
Over three years to the end of December, the fund has returned 37.6% compared to the Merlit iBoxx Sterling Corporates benchmark return of 32.4%
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