By ROBERT HARLEY 23/07/2009
Paul Brain took over the management of the Newton International Bond fund from Stewart Cowley in December 2008 having previously been number two on the fund. The fund’s four star rating was suspended at that time. Brain has many years of experience operating in the global sovereign debt and currency markets, as well as public track records relating to funds managed at Investec and more recently Newton, focusing predominantly on the corporate credit markets.
In view of the fact that we have no track record for Brain specifically relating to sovereign debt funds, we have given Newton International Bond fund a two star (hold) rating which we will review once we have more performance data for the fund under Brain’s stewardship. Going forward we believe quality corporate bonds will offer a more attractive risk / return option, relative to sovereign debt funds.