Legg Mason's McIntyre seeks high yield in Mexican bonds

Legg Mason's global bond portfolio manager, Jack McIntyre, has exited his Canadian and Chinese positions and upped exposure to Mexico as part of a move to higher yielding countries.

McIntyre has redistributed his 5% Canadian exposure into Mexico in his $33m (£20m) Brandywine Global Opportunistic Fixed Income fund. He also holds 5% Mexico exposure in his $591m Brandywine Global Opportunistic Fixed Income fund, increasing his overall holdings in the region to 9.5%. "Mexico, a high yielding country combined with the peso, which is extremely under-owned, will do much better in a risk-on environment. Generally we are shifting our exposure from lower yielding countries to higher yielding, growth orientated countries," he said. The move is backed by improvement in the g...