Roantree adds financials bias to Querns Income First

Querns Asset Managers' Phil Roantree has invested one-third of assets in the bond portion of his Income First fund in banks and insurers two months after the vehicle launched.

Roantree runs the fund alongside Stephen Whittaker, who is responsible for the equity holdings that make up 60% of the portfolio. The bond manager has decided to go down the financials route, pointing to the typical yield of 5% on investment grade corporates. Roantree is targeting a higher yield from financial issues across the quality scale. He has 37% of Income First in financial bonds but says this weighting is likely to increase as the fund grows in size. “Within financials, we have the whole spectrum of quality, with the largest weighing in Tier 1 debt. Holdings include Barcla...