Gibbs adds to Aussie bonds and shorts the yen in split-cap trust

Jupiter's Philip Gibbs has been buying up Australian government bonds for his £233m Second Split trust in the view the sell-off in June was overdone.

In the trust’s report for the three months to 31 July, the manager, who retires later this year, said May was a “boom and bust” month for markets. This set the stage for a sharp sell-off the following month, he added. Gibbs (pictured) took his position in Australian government debt up to 12% of the portfolio, saying the economy is feeling the impact of lower commodity prices.  He also cut the trust’s short position in Japanese government debt but increased a short on the yen in anticipation of further falls for the safe-haven currency. “We reconfigured our Japanese exposure, redu...