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Lawrence House boosts quality

Multi-manager Lawrence House is focusing its cautious managed fund on equity income funds and fixed-interest funds that invest in higher-quality bonds, including gilts and index-linked gilts.

The company considers that cautious managed funds, including its own, are well structured to deal with market volatility.

It adds that while it cannot claim to have foreseen the recent market turmoil, it has been taking an increasingly cautious stance for a while in anticipation of a market correction.

Cash levels were up to almost 10 per cent in early August but the multi-manager believes the fund’s performance should hold up well against the sector average through its exposure to equity income funds and high-=quality bonds.

Managing director Mike Sargeant says: “We know that when the markets become choppy, funds that produce reasonably good dividend yields can cope. Investors can live with falls in capital values if they are getting a decent dividend every six months. On the fixed-interest side, we have been moving up the quality scale because the gap between corporate and un-graded bonds was too tight. Equity income and quality paper gives us two benefits and we hope this comes through in the performance figures.”


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