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