JP Morgan Asset Management’s Nick Gartside has increased his holdings in investment grade financial corporate debt since the beginning of the year.
Gartside, who manages the £174.6m JP Morgan Strategic Bond fund, says investment grade corporate debt now makes up 21% of the fund’s portfolio.
The fund manager says he has increased financial holdings in US banks to just over 10%, increasing from 6% at the start of the year.
Gartside, international chief investment officer in the global fixed income and currency group at JP Morgan, says the prospects for US banks has improved given the results of the Federal Reserve’s latest stress tests. (article continues below)
The fund has also increased its exposure to high yield debt, rising to 38% from 30% at the start of the year, which Gartside says is predominantly in European names.