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View the article online at http://citywire.co.uk/wealth-manager/article/a735398

Witan’s Bell sounds ‘poverty’ warning on bonds

by Robert St George on Feb 26, 2014 at 07:00

He added: ‘Investing in bonds at this level is a recipe for poverty.’

On the likelihood of short-term volatility in stock markets, Bell recognised that equity investors will still have to endure ‘the odd 20% or 40% hiccup’.

And while Witan’s portfolio is predominantly equity focused, he has retained some fixed income exposure through specialist assets. These include the NB Distressed Debt fund, convertible loan stock in the Edinburgh Dragon trust, and an Electra Private Equity convertible bond.

Over the past three years Witan has returned 39.5% in share price terms, compared with 23.3% from its composite FTSE UK/US/Europe/Asia benchmark index. It is currently trading on a discount of around 5%.

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