Gledhill lowers high-yield holding

manager of new star high yield fund to increase weighting in investment grade corporates

New Star bond manager James Gledhill is lowering the weighting of high yield within his portfolio, believing the asset class has risen past fair value. Gledhill, whose £58m New Star High Yield fund has just passed its six-month mark, is lowering the high yield content closer to a 50-50 split with investment grade corporates. Over the past few months, he has had a 57%-43% split in the portfolio in favour of high yield and has managed to capture a lot of the upswing seen in both corporate paper and high yield. Government bonds and equities have returned 0%, treading water in capital t...