Graham: bond and hedge stance profitable

Convertible bond and hedge fund positions have been significant contributors to Balanced Growth performance

BlackRock's Colin Graham has finally moved into positive territory on his Balanced Growth portfolio this year, having taken new positions in convertible bonds and listed hedge funds. In Q4 last year the fund (formerly BlackRock Balanced Portfolio) returned -10.25% against the IMA Balanced Manager sector average of -6.06%, according to Morningstar. "We had a very bad Q3/Q4 last year. After Lehman we wanted to build our equity positions back up but we did it too early." At the end of 2008, Graham identified value in convertible bonds which were trading at cheap prices having been forced...