News and views

February 2012

Asian Income Trust - The rise of Asian dividends
Here we discuss why Asia is not just a peripheral equity income market; in fact it has the breadth and depth of opportunities to rival more established regions like the UK and Europe.

Asset Allocation - February 2012
Our monthly Asset Allocation House Strategy view details our thoughts on different markets and any changes in our position since the previous month.

Dynamic Bond Trust - February 2012 update
Richard has been using the stronger market and demand for riskier assets to reduce the fund’s beta (credit risk), in particular selling financials opportunistically, eg, when he gets a bid at a price greater than August lows, and moving up in credit quality.

UK Equity Income Fund - February 2012 update
The search for sustainable high yields is a key pillar of our investment strategy, with the emphasis as much on ‘sustainable’ as on ‘high’. We also have conviction in our decisions, and are prepared to not hold certain staple income stocks if we are not believers in the investment case.

Managed Monthly Income Trust - February 2012

Michel views January’s credit market rally with caution.

He has generally been adding longer duration bonds, often through the new issues market and continues to diversify exposures geographically.

Fixed Interest Trust - February 2012 update
Michel Canoy views January’s credit market rally with caution. He has generally been adding longer duration bonds, often through the new issues market and continues to diversify exposures geographically.

Investment Review
MARKET COMMENTARIES
Quarter ending 31 December 2011

Fixed Income Focus - The value of AAA
With seemingly all AAA ratings under severe pressure in the midst of the ongoing credit crisis, it is conceivable that the UK could lose its prized AAA rating in the not too distant future. Does this matter?

Fundamentals: 'All Consuming': The BRICs in 2021
Since they gained prominence at the beginning of the last decade, the BRIC economies (Brazil, Russia, India and China) have transformed the global economic landscape.

Multi-Manager Growth Trust - January 2012 update
Fund managers Tim Gardner and Alan Thein discuss fund performance and the outlook for 2012

Multi-Manager Balanced Trust - January 2012 update
Tim Gardner and Alan Thein share an update on current portfolio positioning

Multi Manager Income Trust - January 2012 update

Tim Gardner and Alan Thein review 2011 and share their views on the outlook for 2012

Legal & General Investments Reduces Fund Charges
Legal & General Investments, the largest provider of index mutual funds in the UK, is pleased to announce a reduction in fund charges for its institutional unit classes across its award winning range of unit trusts.

UK Alpha Trust - Value Rally
The UK Alpha Trust has benefited from the market rally, but we still hold stocks where we believe there is significant upside that the rally has not yet captured. This update outlines two of these high conviction ideas.

UK Property Trust - January 2012 update
We anticipate good buying opportunities later in the year, but for the short-term will remain highly selective.

Asian Income Trust - January 2012 update
A volatile month ended positively as more positive economic news from the US fed through to Asian markets. This month also saw our first quarterly dividend.

European Absolute Fund - January 2012 update
The fund continues to focus on industry leaders on sensible valuations and with good exposure to the US and emerging markets.

UK Absolute Fund - January 2012 update
During the month we closed a number of positions and ended with relatively low gross exposure, and a modest net long.

UK Equity Income Fund - January 2012 update
We believe that in the current environment, companies with sustainable and growing dividends offer an attractive return.

Growth Trust - January 2012 update
Activity was low, as we felt that the market backdrop was unlikely to change materially. Overall, the portfolio has a high quality bias.

Monthly Managed Income Trust - January 2012 update
Given the near-term uncertainties, we retain relatively low exposure to high yield, reducing our weighting over the month

High Income Trust - January 2012 update
We maintained our overall defensive strategy through December, retaining our index hedge and zero exposure to peripheral Euro-zone countries.

Fixed Interest Trust - January 2012 update
The portfolio retains an overall defensive stance, with a bias in favour of gilts over credit.

Dynamic Bond Trust - January 2012 update
We raised net exposure to financials, but retain a preference for longer-dated gilts, bunds and US treasuries.

Thematic Thoughts - January 2012
The Osmosis Climate Solutions Index forms the basis of the Global Environmental Enterprises Fund portfolio selection. The index is rebalanced twice a year and here is an account of the most recent activity.

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