Kames' Milburn builds 10% buffer on Greece concerns

Kames Capital's Phil Milburn has put over 10% of his Strategic Bond fund in high yield index protection, in the belief investors are too complacent about the risk of Greece leaving the eurozone.

Milburn (pictured), who runs the £713m Strategic Bond fund alongside David Roberts, said he is concerned about prolonged negotiations between the anti-austerity Greek government and its creditors. "I am concerned rationality may take a back seat with the seemingly large gulf between the [International Monetary Fund] and the Greek elected officials," Milburn said.  "I believe financial markets are placing too low a probability on an extreme outcome and therefore, I want to retain risk budget in the fund to be able to buy any dip in the prices of riskier assets should a sell off occur."...