| Asset Group | Asset Sub-Group | Investment Category |
| Fixed Income | Sterling bonds | Core |
Selection rationale: The fund has been managed by Ariel Bezalel since its inception in July 2008, having joined the firm in 1997. Harry Richards was promoted from assistant fund manager to co-manager in June 2019, but due to his relatively short amount of PM experience key-man risk is prominent in this strategy. They are supported by 14 sector-focused credit analysts. The portfolio is constructed with a barbell approach balancing the capital preservation features of high-quality government bonds and the income-generation of high-yield debt. The active management of these exposures is the primary driver here. Additional levers include duration management, opportunistic exposure to individual themes (such as select emerging-markets stories), and some limited active currency trades. The mandate is fully flexible and unconstrained. Bezalel uses third-party research to inform his macro views and establish the strategy's top-down stance, which is implemented via the analysts' thoroughly researched single-name and sector recommendations. Opinion Bezalel has delivered strong absolute and risk-adjusted returns since inception, particularly by managing the strategy in a way that has protected capital on the downside. March 2024 | ||
Risk warnings
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