Burdett and Potter drop L&G Dynamic Bond from Lifestyle funds

Thames River’s Rob Burdett and Gary Potter have sold the Legal & General Dynamic Bond fund across the four funds in the £359.3m F&C Lifestyle range.

Rob Burdett
Rob Burdett

The duo have dropped Richard Hodges’ £1.5 billion fund from the four funds in the range – Lifestyle Growth, Lifestyle Balanced, Lifestyle Cautious and Lifestyle Defensive.

Burdett and Potter say the move is intended to “reduce positions in high yield and financial debt”.

In the £44.6m Lifestyle Growth portfolio, the managers have bought Ian Spreadbury’s £836m Fidelity Strategic Bond fund, which is owned by the rest of the Lifestyle range.

“Currently it is relatively defensively positioned with the manager tempering his portfolio’s exposure to credit and taking steps to protect the portfolio against sovereign debt-related risks,” they explain.

Burdett and Potter have bought the iShares Markit £ iBoxx Corporate Bond ex-Financials exchange traded fund in the £96.7m Lifestyle Balanced, £118.6m Lifestyle Cautious and £99.5m Lifestyle Defensive funds.

The switch is part of the managers’ strategy to increase their overall exposure to non-financial investment-grade bonds.

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