Investec's Stopford snaps up 'heavily oversold' NZ debt

Price falls create attractive entry point into lesser-known bonds.

Investec AM’s co-head of fixed income John Stopford has introduced positions in New Zealand debt within his portfolios in the view the little-heralded asset offers an attractive buying opportunity. Stopford bought a tranche of New Zealand sovereign debt for his Investec Diversified Income fund last month, and said prices had fallen too far for what remains a relatively defensive holding. The tactical move follows a sharp sell-off in New Zealand debt over the summer, when 10-year yields rose from below 3.2% in May to over 4.8% as of September, mirroring global moves. “New Zealand go...