PSigma

Philip Milburn, manager of the £1.5bn Kames High Yield Bond fund, is avoiding taking on extra risk in his portfolio this year, as he does not expect the extra yield on offer from CCC-rated bonds will be sufficient to make up for the default risk.

Thomas Becket, chief investment officer at Psigma Investment Management, has been selling down his exposure to high yield credit, taking the view the asset class is now priced for perfection.

Managers are setting up portfolios for a pull-back in equity markets, looking at put options and moving more defensive as several indicators post sell signals.

Psigma Investment Management has teamed up with TwentyFour Asset Management to seed a new fund for its clients - the TwentyFour Asset Backed Income fund.

THE BIQ QUESTION

SHOULD YOU BE WORRIED ABOUT INFLATION?

Psigma's chief investment officer Tom Becket outlines his five core investment themes for the next five years, with uncorrelated yield and emerging market growth featuring on his list of priorities.

After an event-filled 12 months, industry experts reveal how they are shaping their portfolios coming into 2013.

The agreement to avert the US fiscal cliff is the ultimate example of a Pyrrhic victory, according to PSigma CIO Tom Becket.

After a strong year for most asset markets in 2012, many commentators are pointing to a much leaner year in 2013.