Tellsons Endeavour slashes bond exposure on poor value corporates

Multi-asset fund looks to trim US financials

Mike Sheen
clock • 3 min read

The Tellsons Endeavour fund has been cutting its exposure to fixed income in recent months in response to “very poor” value on offer within the corporate bond market, according to managing partner and co-CIO Joe Bunting, who has shifted its duration exposure to “about as low as it has ever been”.

The London-based boutique's multi-asset strategy has reduced its exposure to fixed income from 44% of the portfolio in April to 37.8% as of the end of June, according to FE fundinfo. Its equities exposure has grown from 49.9% to 56% over the same period. BMO Universal MAP Balanced swaps fixed income for cash Bunting said that the corporate bond market has "been so distorted over the last year or two", while investors are not receiving a substantial enough yield for taking credit risk. "UK opportunities are very poor - very low yield and very little liquidity," he added. "It is ...

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