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| Latest Return | |
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| Fund Overview | |
| Manager Comments | Favourable conditions for both global and Australian corporate bonds continued in February and expectations of sustained or even looser monetary policy continue. Spectrum noted what concerns them the most about Australia's economy is the potential economic fallout from a weakening property sector. As a result, they continue to attempt to shelter the portfolio by diversifying away from direct and indirect residential property risk. The Fund's outperformance of the Australian floating rate note index (+43bp) was largely due to price jumps in a handful of positions in the Fund. Spectrum believe the deteriorating economic growth outlook is resulting in some positive influences for credit spreads, however, they note this could be a temporary benefit; fundamentals eventually come to the fore and thus default rates will eventually rise. Therefore their decision making remains centred around protecting investor capital, collecting coupons and trying to take advantage of mis-pricings and technical forces in the A$ corporate bond market. |
| More Information |
