The contrarian manager buying Greek corporate bonds

Baillie Gifford's High Yield manager Donald Phillips has been boosting exposure to Greek cororpate bonds to take advantage of the sky-high yields on offer.

Contrarian investor Phillips has added two positions in recent months, taking a 1.3% stake in telecoms firm OTE and 2% in Yioula Glassworks. He also holds Greek dairy company Fage Dairy. Phillips, who heads up the group's £182m High Yield Bond fund, believes there are still opportunities to make money in the Greek market as a number of companies derive the majority of their revenues from outside of the region. While conceding his holding in Yioula Glassworks will dent performance if Greece exits the euro, he is confident his other two high yield plays will stand up firmly in either ci...