GLG's Mawby revamps Strategic Bond fund after ECB QE

GLG's Jon Mawby and Andy Li have repositioned their £1bn Strategic Bond fund following the announcement of a €1.1trn quantitative easing programme by the European Central Bank (ECB).

Despite the fund continuing to be run with the profile of a lower duration credit fund, the managers have tactically increased duration in certain geographies, and have separately slashed their holdings in financials. "Given the open ended nature of the ECB's expanded asset purchase programme, we have tactically increased duration via government bonds and its derivatives to certain geographies and to particular parts of the yield curve that will benefit from the portfolio rebalancing effect i.e. the search for yield," the pair said in a commentary for clients. Though they have added t...