Invesco's Read: We can use low liquidity environment to drive bargains

Paul Read has said his Invesco Perpetual fixed interest team are "thinking about liquidity all the time" and can use the size of their funds to exploit bond market dislocations.

Read and co-manager Paul Causer run funds at Invesco Perpetual including the £5.6bn Corporate Bond fund, but have maintained that low levels of liquidity within fixed income markets are not a problem for their portfolios. Speaking this morning, Read reaffirmed this stance, and said the duo are holding significant levels of cash and short-dated debt in their funds, equivalent to 10%-20% of each portfolio, in order to guard against a bond market shock. "Across our franchise we have probably got more than £3bn of liquidity. We are well placed for any dislocation in markets," said Read (p...