BBB-rated debt now the largest single asset class in the £1.2bn Aberdeen Fixed Income fund
Aberdeen's Paul Reed is seeking opportunities at the lower end of the investment grade debt market for his £1.2bn Fixed Income portfolio. The fund, which Reed has grown from just £5m in 1979, principally invests in non-investment grade sterling debt. However, nervousness among investment grade investors has seen out-of-favour credits falling fast, creating recovery opportunities with good yields. BBB-rated debt is now the largest single asset class in the fund at just under 25.9%, up from around 14% in May 2001. The next largest asset class is convertibles, including a small portion i...
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