Taking a risk on risk management

Global Fixed Income

Winner

PIMCO Global Bond Fund – Wholesale Class

Finalists

Colchester Global Government Bond Fund – Class A 
Legg Mason Brandywine Global Opportunistic Fixed Income Trust – Class A

Last year’s finalist, PIMCO, changed its approach for its Global Bond Fund this year, which has seen it take out the Global Fixed Income category.

PIMCO managing director and head of global portfolio, Sachin Gupta, said the fund had positioned conservatively to maximise gains while limiting loss with an indifference to outcome.

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“We followed the political development of the past year with great interest and tactically re-positioned the fund to take advantage of shifting value and opportunities in the wake of these developments,” he said.

Gupta said the fund sought to identify trends with important implications for the long-term investment horizon, and had aimed to create a diverse portfolio of securities which drew on market opportunity. 

Moving forward, Gupta said the biggest challenge for investors looking at China would be whether domestic policymakers would follow through on the agenda to reform and liberalise investment in the nation’s economy.

Runner up and former nominee, Colchester Global Investors had sought to remain disciplined in its value-based investment approach and find success from the sole selection of physical bonds to maximise liquid portfolios in uncertain markets. 

Colchester head of distribution, Angela Macpherson, said the fund had a short track record, which had proved challenging for attracting adviser confidence.

Brandywine Global portfolio manager, Anujeet Sareen, said his fund had aimed to unlock the potential performance benefits of mean-reversion tendencies in interest rates and currency valuations.

Sareen said the fund manager’s flexible research structure made for an agile fund in a market which had faced exacerbated political risk and volatility in the past 12 months.