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Playing in the sandbox

With its growing presence in investor portfolios, credit’s importance as an asset class increases daily. Euromoney gathered bankers and fund managers together to discuss the problems that popularity brings.

London Capital Club

16 July 2001

What is your approach to building portfolios of credit?

Wilson: On the corporate bond side we have 23 corporate bond analysts and it's those people to whom we look for independent and objective assessment of value in the corporate bond markets. For example, whether or not to include specific issues in our portfolios.

Christian Wilson

Our research department in coordination with the portfolio management team creates a top-down view with respect to sector allocations at the broadest level: working in corporates, government, mortgages and supranationals, things that might be sensitive to swap spread movements.

At the conclusion of our top-down decision process, it is the portfolio managers' responsibility to populate portfolios with specific names that meet the criteria of the overall asset allocation. How do we do that? Our analysts issue specific buy, hold and sell recommendations and we look to emphasize as many buys as possible using the hold list for diversification purposes.

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