S&P has marked the New Star Extra High Yield and Old Mutual Dynamic Bond funds down from AA to A rat...
S&P has marked the New Star Extra High Yield and Old Mutual Dynamic Bond funds down from AA to A rated as part of its latest review of the sector. On the New Star offering, the agency said manager James Gledhill could have done more to de-risk the portfolio in the run-up to the credit crisis last summer. “As it was, there was a sharp decline in relative performance in the last 12 months as investors shunned the riskiest assets and Gledhill had only a limited toolbox at his disposal,” it added. As for Old Mutual Dynamic Bond, analyst James Mashiter said the fund’s evolving investment s...
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