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Jenna Barnard: the Keynesian animal spirit threat to bonds
Markets
on Feb 19, 2013 at 14:40
Focusing on areas of the bond market that still offer a sensible income, maintaining a flexible approach, and being patient enough to avoid the excesses created by a grab for yield mentality, is the focus for 2013.
With that in mind, it is quite possible, if not likely, that the current vintage of highly leveraged high yield bonds coming to market to fund the acquisition activity will not be one that we are interested in investing in.
*BoA Merrill Lynch, Henderson Global Investors, correlation of weekly returns over ten years (7 February 2003 to 25 January 2013), sterling non-gilts and UK gilts indices.
Jenna Barnard (pictured) co-manages the Henderson Strategic Bond fund wuth John Pattullo. According to Lipper, the fund has returned 23.8% in the three years to the 18 February. This compares to a 26.1% gain in the Citigroup United Kingdom WGBI TR index.
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