The core plays powering HSBC's Income Fof

HSBC Income fund of funds manager Julian York said his policy of "not looking to shoot the lights out" has helped guide him to the top quartile of the IMA Mixed Investment 20-60% Shares sector.

While many fixed income managers have taken their high yield weightings to record levels in a bid to achieve outsized returns in a low growth market, York said his high yield position remains relatively small at 6%-7% of his fund. "Having an element in high yield is important, but the asset class can be very volatile and the movement of flows can have an effect. We are not looking to shoot the lights out with our allocations," York said. The Income Fof has returned 29.2% over the three years to 8 June versus a sector average of 23.5%, according to Morningstar. Over one year it has ret...