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Pattullo’s bond fund halves financials and adds 12% cash

Henderson head of retail fixed income John Pattullo has introduced a 12 per cent cash weighting to his £968m strategic bond fund.

Pattullo says his team decided to slash its long weighting to financials from 50 to 35 per cent, with the bank weighting going from 30 to 14 per cent.

He points to developing concerns over senior bank debt.

Pattullo says: “We think some of the quality banks will trade down a bit with the market. We do not see the likes of BNP and HSBC failing but that does not mean the bonds will not trade down a bit and if we run a bit of cash it gives us the opportunity to buy them back at a lower price.

“The worst banks in Europe, the regional ones in Spain and Germany, will probably restructure heavily and that will affect the whole banking sector and we want to be in a position to go back into the top quality names.”



AWD will make full redress to Lifemark client

AWD Chase de Vere has agreed to pay full compensation to a Sipp client that it advised to invest £200,000 in Lifemark through Keydata. AWD invested 86 per cent of the client’s £230,000 pension fund into Keydata and its professional indemnity insurer is set to make a full payout, Money Marketing understands. The firm upheld […]

Richard Buxton

Schroders’ Buxton says being positive can pay off

Schroders UK equity fund manager Richard Buxton has rejected criticism that fund managers always issue positive outlooks, saying sometimes the market consensus is actually right. Buxton, who has predicted the FTSE 100 will rise by 25 per cent in 2011 in several statements in recent weeks, was speaking at last week’s Joint Investment Forum hosted […]

JP Morgan to launch global mining fund

JP Morgan Asset Management is to launch a global mining fund on February 1, just weeks after it soft closed its Luxembourg-domiciled JPM Global Natural Resources fund. Managed by Neil Gregson, the JPM Global Mining fund will focus on the mining sector. It will tap the expertise of the group’s natural resources team and will […]


Hedge fund manager collects record £3.15bn profit in 2010

Hedge fund manager John Paulson amassed a £3.15bn profit in 2010, which is understood to be the largest one year profit in fund manager history. Paulson, through his Paulson and Co investment vehicle, famously made £2.5bn out of the collapse of subprime mortgages in 2007. In 2010 he made about £0.65bn from the fund’s 20 […]

Artemis Global Income: Making sense of global markets

The rally in cyclical ‘value’ stocks paused for breath in February, as investors took a more cautious tone and switched their attention back to defensive areas. In this article, Jacob de Tusch-Lec, manager of the Artemis Global Income Fund, explains how he has positioned the portfolio, given the many economic, geopolitical and policy risks that […]


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