Market nerves prompt Harries to move into AR bonds

Swip's head of multi-manager Mark Harries has moved his portfolios towards absolute return bond funds as investors become jittery on some parts of the fixed income market.

"We have been nervous on the bond market since last autumn and have moved to absolute return bonds. In this panic, there has been a move up the quality spectrum as investors look for a safe haven, but it seems to be a short-term phenomenon," he says. "We hold Bill Gross at PIMCO, Richard Woolnough at M&G, and Julius Baer because they can be more flexible in bond markets." On equities, Harries says he has been generally cautious since the start of the year, although this reticence was slightly premature. "We entered the year cautious and too early," he says. "We raised cash in Fe...