Aviva's Higham takes high yield exposure to greatest ever level

Positive economic data from Japan, US and China boosts fund manager's confidence in the global economy

Chris Higham, manager of Aviva Investors’ £1.8bn Corporate Bond and £92m Strategic Bond funds, has reversed his defensive strategy and rotated into higher risk names, as positive data from Japan, the US and China boosts his confidence in the global economy. In his Strategic Bond fund, the manager has shifted 30% out of government bonds and cash into more risk-on trades, ramping up his high yield exposure by 10% to its highest ever level at 45%. He has also invested 5% in investment grade credit and 15% in subordinated financials in the same fund. Meanwhile in the Corporate Bond ...