Ian Spreadbury's £3.5bn Fidelity MoneyBuilder Income fund has widened its remit to allow the manager to buy non-sterling corporate debt in a move to boost liquidity and performance.
The fund, one of the top performers in the sector over the long term but lagging peers over the last one and three years, will now be able to buy corporate debt issued in a variety of other currencies. Fidelity's move should help improve liquidity for the fund after a period in which fixed income managers have had to balance a steep decline in net new issuance with soaring inflows into bond funds. Investment Week revealed last summer the FSA was investigating the liquidity profiles of some of the country's largest bond funds, amid fears investors could be at risk if the tide of money ...
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