The FSA Spy market buzz – 19 April 2024
Doom and gloom on China, Peaks and troughs from First Sentier, Ninety-One looks at failure, Lombard Odier’s good news, Corporate jargon hell, Visit cheap Japan and much more.
Conclusion
Oreana owns both funds, and Poole retains his confidence in their ability to serve their particular functions in his portfolio.
“The JP Morgan product has a steady management team whose focus is on high quality bonds. They also offer an extra element with allocations to asset-backed securities (ABS),” said Poole.
“The recent dislocation in credit markets, including ABS, provides attractive opportunities for the fund managers, who are supported by skilled analysts able to identify securities with strong cash flows and upside potential,” he said.
“As a result, we’re happy to outsource that capability to the JP Morgan fund,” he added.
The Legg Mason fund is less complex in its approach and strategy, but it serves its purpose well, according to Poole.
“Last year, we were keen to increase our exposure to sovereign bonds, especially US Treasuries, and the Legg Mason product offered the clearest way to do this,” he said.
“However, sovereign yields have compressed a lot this year, so there are probably fewer opportunities for the fund now,” he concluded.
Doom and gloom on China, Peaks and troughs from First Sentier, Ninety-One looks at failure, Lombard Odier’s good news, Corporate jargon hell, Visit cheap Japan and much more.
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