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View the article online at http://citywire.co.uk/wealth-manager/article/a754430

Performance review: why Vestra’s Lakshmanan has slashed equity exposure

by Elsa Buchanan on Jun 09, 2014 at 14:24

Further afield in Asia, Lakshmanan has retained her 4% weighting to Japan through the GLG Japan CoreAlpha fund, which she bought last July. The fund, managed by A-rated trio Jeffrey Atherton, Stephen Harker and Neil Edwards, is her sole position in the region. ‘After good returns last year, it has been painful this year. But we’re holding on to it,’ she said, adding she is waiting to see how prime minister Shinzo Abe’s policies play out.

While she believes bonds are fairly priced, she has reduced both her floating rate note exposure and short duration positioning, which protected on the fixed income side during the last year.

Earlier this year, the team moved back into longer-dated Treasuries, which has helped drive performance. ‘We were still short duration, but we went long because we felt that the long end was fine. It was the belly of the curve that we felt would come under pressure,’ Lakshmanan said.

Over 12 months, the model is up 12.35% compared to the ARC Sterling Balanced Asset index, which rose by 9.24% over the same period.

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