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Autif&#39s fund overhaul splits bond sectors

Autif has confirmed the overhaul of its fund classification with the

creation of seven new sectors to come into force next week.

As revealed in Money Marketing last October, Autif has decided to split

the UK general bond sector into two new sectors.

The UK corporate bond sector will include investment-grade bonds which

must have at least 80 per cent of their assets in sterling-denominated BBB

bonds and it will exc-
lude convertibles.

The other sector will comprise non-investment grade bond funds which must

have at least 20 per cent of their assets in below BBB-rated bonds, converti

bles and preference shares. It has also deci^_ded to reclassify ethical

funds into the mainstream sectors to allow performance comparisons to be

made against funds with similar geographical and asset mix characteristics.

Small-cap sectors will also be created for North America, Japan and Europe

while a specialist sector will be created to cover all funds with either a

single country or a single investment theme.

Director of communications Anne McMeehan says: “The changes clear up

a
number of grey areas. We wanted corporate bond fundholders to be able

to tell better how their fund derives
its performance.”

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