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OMGI launches new fund for Oxley


Old Mutual Global Investors is to launch an Absolute Return Government Bond fund for former Ignis fund manager Russ Oxley.

The fund will launch on 7 October and will be seeded with £100m from the firm.

Oxley, who joined OMGI at the start of this year, will be the lead manager of the fund, supported by co-managers Adam Purzitsky and Paul Shanta.

Previously the team managed the £4.2bn Ignis Absolute Return Government Bond fund, which was acquired by Standard Life Investments before the team’s departure.

The new OMGI fund will aim to deliver positive returns on a rolling 12-month basis and will be uncorrelated to bond and equity market conditions. It will target cash plus 5 per cent per annum.

Old Mutual Global Investors managing director Warren Tonkinson says the team has done “a lot of work” to prepare for this launch.

He says: “We have had a lot of interest from investors as Russ and his team are highly respected, having one of the best track records of managing absolute return government bond funds in our industry. We are confident that demand will be strong from our global client base.”

Purzitsky also says: “Through our approach to investing, we are able to target specific risks and opportunities, without ’inadvertently’ taking economic exposures to those risks we would rather avoid. At the core of our approach is the understanding that forward rates are influenced by very different factors depending on their location on the curve.”



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Apple: a stellar technology story

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Apple recently announced the highest-ever recorded quarterly net profit ($18bn), with the sale of 74.4 million iPhones helping the company deliver $74.6bn of revenue for the quarter ending December 2014. These sales were largely driven by strong demand for the new iPhone 6 and iPhone 6 Plus. Highlights included Chinese iPhone sales doubling year-on-year and unit growth of 44% in the US — supposedly a well-penetrated market. Apple ended the quarter with $178bn in cash on its balance sheet, having generated a staggering $30bn in free cash flow during the quarter.

At Neptune, we have been long-term believers in the Apple story, and continue to hold the stock in a number of our portfolios based on the company’s long-term growth prospects. This is predicated on our belief that Apple has proved thus far that it can — unusually for a consumer electronics company — maintain high margins for a sustained period of time, even as adoption of new technology slows down and competitors produce similar-specification products.


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