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A STRONG HAND

A balanced holding and a good idea of what motivates your fund manager spells good fortune for your investing

Fund selector Strategic bonds

Chris Metcalfe Investment director, Iboss

If you invested in the IA Sterling Strategic Bond sector during the past 25 years there were only three occasions when you would have made a loss and, even then, in 2014 it was just a zero return. Essentially, in any developed bond market you would have had to be extremely unlucky with your timing to not have good returns.

We have been hearing about the death of the great and enduring bond bull market for several years now but, irritatingly for many investors and fund managers, it refuses to play nicely and die.

Central bank flinches

The long-term trend in bond yields in both the UK and US is still down. Granted, we get occasional tantrums when any of the US, UK or eurozone central banks make noises pertaining to any kind of a more hawkish stance but, before long, often within days or even hours, another banker offers a counter statement to reassure the market not to worry about rising rates, ‘normalisation’, QE winddown and balance sheet roll-off.

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