Lees-Jones defensive on credit

investec sterling bond fund's manager looks to short-dated end of market for strong returns

The manager of the £135m Investec Sterling Bond fund, Anna Lees-Jones sees credit valuations as expensive relative to history and has moved more defensive since taking over three months ago. While she has exposure to lower-rated bonds, Lees-Jones has kept this short-dated in line with her defensive stance. She said: "I am still taking the yields on offer from A- and BBB-rated paper but keeping exposure at the short end within this sector." The Marks & Spencer holding is indicative of her stance, with Lees-Jones keen to buy the group's short-dated paper that was offering a good yield vers...