Kames' Milburn spends cash reserves in new issue market

Kames Capital's bond manager Phil Milburn has been finding investment opportunities in the new issue market this month after increasing the cash weighting in his High Yield Bond fund.

The £1.7bn fund had less than 6% in cash in April, but this increased to around 9% in May, after the manager took profits on a number of existing investments. The cash level now stands at 2% following buying activity this month. In May, Milburn (pictured) took profits on White Petroleum, banking a 9% return since buying the bond last September, as well as La Finac Atalian, a French cleaning company, and Forest Labs, which they team bought in January and which has since seen a credit upgrade. "Hiking the cash level is not necessarily a sign we are bearish on the market, we just had a c...