Henderson's Pattullo ups high yield limit to 60%

Henderson's John Pattullo has increased the £641m Preference & Bond fund's maximum exposure to high yield, believing there are considerable opportunities in this area of the market.

The self-imposed limit previously at 40%, is now 60%, and Pattullo is holding 42% in the asset class. The manager says he made the decision to increase the limit after high yield performed strongly for the fund last month.   In his latest fund commentary, Pattullo says: "Given our considerable concern regarding interest rate-sensitive assets and preference for lower-rated credit, we have decided to increase the self-imposed limit of 40% of assets in high yield bonds, which will allow us flexibility to hold up to 60%. "Economic news flow continues to be very encouraging ,especially ...