Legg Mason's Edmonds turns to primary high yield on euro fears

Legg Mason's £562m bond fund manager has overhauled his high yield exposure on eurozone fears, selling out of the secondary market and turning to primary issuance.

Ian Edmonds, manager of the £562m Legg Mason Global Multi Strategy Bond fund, holds 25% in high yield, but has reshuffled his exposure to reflect his preference for the primary market. "We think there will be better opportunities in the primary market," he said. "For now, we plan to build exposure to this market via new issues, giving us the opportunity to diversify names and to take advantage of companies coming to market that want to rely less on banks for funding." Edmonds took profits on some of his secondary market exposure and now plans to gradually rebuild high yield allocation...