| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | |
| Manager Comments | The fund moved to a 50/50 split between Bank Loans and riskier High Yield loans in July. Since then the High Yield portion has sisnificantly outperformed the Bank Loans which the manager says is consistent with broad market trends. The manager expressed concern about an apparent disparity between the real economy and investment markets. \'In the real economy, unemployment is rising (reducing consumer expenditures) and banks are not lending at a torrid pace to real businesses. Home prices will not likely find a floor until mid-2010 and commercial real estate seems to be in decline. Meanwhile, investment cash returns are essentially zero and has been flowing in high volume towards anything easily buyable: stocks, bonds, and commodities. This disparity is unsustainable, in our opinion. We worry that it will take so much time for the real economy to show real strength that a significant number of overlevered credits will default. Our scepticism continues to drive our portfolio construction.\' |
| More Information | » View detailed profile of this fund |
