Legal and General Investment Management's Richard Hodges is one of the most popular and best performing strategic bond managers in the sector, with a formidable long-term track record.
The manager of the £1.6bn L&G Dynamic Bond trust has returned 61% over the past five years, to 17 August, putting the fund at the top of the IMA Strategic Bond sector, according to Morningstar. Here Hodges explains why he has been de-risking his portfolio since the turn of the year, why he expects gilts to remain at abnormal levels for at least another year, and why fixed income’s glory days could be over when the interest rate cycle turns. You had a cash position of 12% at the end of May and hold 19% in UK government bonds. Is this the most defensive the fund has been since laun...
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