Liquidity and low default rate drive high yield performance

FUND MANAGER FOCUS

Threadneedle European High Yield Bond manager tells Barney Hatt how he juggles bottom-up company research with top-down portfolio construction to implement convictions

Fund manager Roman Gaiser has had an impressive year with his Threadneedle European High Yield Bond, benefitting from the rally in high-yield debt markets. Gaiser has managed the fund since October 2005. During his tenure, the fund has consistently outperformed its peer group. The £896m Threadneedle European High Yield Bond fund is ranked second out of 52 vehicles in the IMA Global Bond sector, with a return of 45% over 12 months to 26 April compared to an average increase of 13.7%, according to Morningstar. Launched in March 2000, it is ranked 4 out of 39 vehicles in the sector ov...