Foster to alter holdings ahead of rebrand

friends provident high income bond to reduce exposure to high yield before it is renamed isis strategic growth

James Foster, head of credit at Isis Asset Management, is to reduce the high-yield exposure of the Friends Provident High Income Bond Fund and move more into investment-grade paper as he believes value in the sector has declined. In August this year, the group will rename the fund Isis Strategic Growth to more accurately reflect its unrestricted investment mandate, following the rationalisation of its fund range at the beginning of May. As well as managing this best ideas fund, Foster runs Isis Extra Income Bond and the bond portion of the soon-to-be Isis Managed Distribution fund, whi...