The five big calls powering Aviva's GARS rival

This week, Aviva Investors launched the first of a trio of absolute return funds it hopes will capture market share from Standard Life Investments' £20bn Global Absolute Return Strategies fund, but what key calls are powering the new strategy?

The Target fund range is the brainchild of CEO Euan Munro (pictured), who joined in January after launching and leading the GARS team at SLI. The three funds in the range all have different aims but are broadly similar, with the Target fund trying to deliver cash plus 5%, while the other two go for cash plus 4-6% and CPI inflation plus 3% (a mandate that will become more challenging to manage should inflation pick up). Here, Munro and managers Peter Fitzgerald and Dan James break down some of their highest conviction plays in the Target Return fund. 1. Long Japanese equities, short...