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F&C make the grade

High net worth clients are the target investors for Foreign & Colonial&#39s high yield European bond fund.

This Luxemburg-based Sicav invests in European corporate bonds that are rated BB, B and CCC. The company believes it is a good time to invest in European corporate bonds because the recent turbulence of the Nasdaq and the technology, media and telecommunications sector has meant that good stocks can be picked up more cheaply now.

The European corporate bond market is relatively new, but it seems to be coming of age at the moment, thereby increasing investment opportunities. However, many non-investment grade bonds are in volatile sectors such as technology and can be risky.

Non-investment grades are used to make higher yields possible. But investors should be aware that these companies are more likely to default and they should not be over influenced by the safe image that corporate bond funds have.

According to Standard & Poor&#39s the F& C RAF multicurr bonds fund is ranked 75 out of 238 funds based on £1,000 invested on a bid to bid basis with gross income reinvested over three years to January 29, 2001.


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