Sanlam Hybrid Capital Bond increases exposure to banks

Fund is comfortable in the space

The manager of the £180.3m Sanlam Hybrid Capital Bond fund has upped its exposure to banks over the past year, having identified an opportunity in legacy paper.

Peter Doherty, head of fixed income at Sanlam, said typically a third to a half of the portfolio has been in insurers, with up to a quarter invested in banks, adding that this would have been the case...