Ongoing uncertainty revealed in credit markets

Top-performing bond funds have benefitted from defensive positioning, while equity exposure has propelled Santander offering to top of peer group

Three-year performance in the UK Corporate Bond sector is hugely varied across the 89 fund listed, which reveals ongoing uncertainty in credit markets in the wake of the credit crisis. Managers that have outperformed their peers attribute success to defensive positioning and careful management of duration and interest rate risk. Santander's Multi Manager Cautious fund ranks top of the sector over three years, producing returns of 10.68%. Chief operating officer John Bearman is overseeing the fund until new recruit Keith Speck takes over the group's multi-manager proposition in January...