Bonds

Worst currency of G10 nations

Central bank action has reduced volatility

'Sell in May and come back on St. Leger’s Day'

Remains positive on bonds

New fund managed by Warren Hyland

Favours EMD to mitigate rising rates

Rising 'negative inflation' a systemic risk

In June 2016, immediately before the Brexit referendum, a curious thing happened.

AUM has grown to $2bn in a year

Increasing cash allocations