Legal & General High Income, David North

David North's L&G High Income Trust stays between B and BB spheres of the bond market, avoiding higher default risk of the CCCs

Manager of the £840m Legal & General High Income Trust David North has maintained the portfolio's traditional conservative position in the face of increasing interest in areas such as Eastern Europe and emerging markets. North, lead manager of the fund and head of the high-yield team at L&G, said that while the portfolio does have exposure to Eastern Europe, he has no intention of expanding this weighting, unless there are significant inflows. Within the more niche areas of the global bond market North avoids investing in paper denominated in local currencies, sticking to mainstream dolla...