Bonds

AMC of 0.5% on 'B' share class

Bought for €1 by Santander

Newly-created role

Worst currency of G10 nations

Central bank action has reduced volatility

'Sell in May and come back on St. Leger’s Day'

Favours EMD to mitigate rising rates

AUM has grown to $2bn in a year

Increasing cash allocations

The US retail sector is struggling. This may seem strange, given the US economy is strengthening and consumer confidence is rising.