By ROBERT HARLEY 10/08/2006
This fund has one of the more flexible mandates within the IMA corporate bond peer group, enabling the manager to invest up to 20% of the portfolio in non investment grade credits of which 10% may be high yield, and up to 50% in gilts.
Since taking over the fund in 2004, manager Steve Snowden has used this flexibility to good effect to drive returns through a combination of active duration management, aggressive sector rotation and credit quality allocation. The fund is awarded a 3 star rating.