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Kames’ Snowden hits out at ‘multi-asset’ corporate bond funds
by Eleanor Lawrie on May 07, 2014 at 07:00
‘We are not going down when everyone else goes down. To my mind, that should be the purpose of an absolute return fund,’ he said.
‘Glencore Xstrata trades cheaper than Anglo American and I think that is wrong. Glencore Xstrata is a bigger, more diversified business than it has been. Anglo American has had problems in South Africa so I think it’s too expensive. Those valuations should flip over.’
He is also pair-trading government bonds, with a long position on bunds and a short on Treasuries, as he feels interest rates won’t rise any time soon in the eurozone, but are set to rise in the US.
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by Dylan Lobo on Jul 28, 2014 at 08:03