Bond vigilante

THE BIG INTERVIEW

M&G's head of retail fixed interest Jim Leaviss discusses the future of the euro, his attitude to risk, and why economic growth is not the Holy Grail

Compared to equities, are there less opportunities in the bonds space to add extra value as a fund manager? The fixed income space has a wide range of different asset classes within it, just like the equity market. I think you can add alpha from stock selection – credit analysis is important, as is understanding the different covenants and structures within a bond. You might have two bonds issued by the same company that have very different risk profiles, so you can add alpha through stock selection, company selection and sector selection. Fixed income bond markets are usually ...