Trustnet Magazine 92 February 2023 | Page 49

Fund

FACT BOX

MANAGER : Michael Scott / LAUNCHED : 06 / 06 / 2019 / FUND SIZE : £ 252m / OCF : 0.75 %

CROWN RATING

“ We then moved into the more inflationary period , which was arguably driven by the over-stimulus of 2020 , and then rapidly tightening central banks , which portends a more late-cycle environment .” In terms of his outlook , Scott said high yield credit spreads ( the yield above that of government bonds ) are around average levels .

“ There is value in businesses that have relatively stable cashflows but also strong asset backing ,” he added , while noting that cyclical sectors such as automotives and basic materials are “ pretty expensive ”. “ There is probably a case to be more focused on cyclical risk later on in the year when these sectors have cheapened up ,” he finished .

40 %

Man GLG High Yield Opportunities ( 28.4 %)

ICE BofA Global High Yield ( 8.4 %)

IA Sterling High Yield ( 5.1 %)

30 %

20 %

10 %

0 %

-10 %

-20 %

Issue 92 - February 2023 / 49 /