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Strategic/ unconstrained bond funds have seen huge flows from investors looking for alternatives to traditional fixed income. Allfunds’ Michael Eyre looks at what is happening in the sector and has selected a handful of funds that are worthy of investigation

Fund selector Strategic/unconstrained bond funds

Analysing and selecting strategic and unconstrained bond funds presents a host of challenges for investors, the first being: what is actually meant by ‘strategic’ and ‘unconstrained’?

There are vast differences between the strategies that fall under this broad fund category umbrella. It is not uncommon to find the same fund classified differently across fund databases, research teams and even by their portfolio managers. Often they appear in absolute return or global bond/aggregate categories, and the reverse is also true, which can create all sorts of confusion.

Aside from how the funds are classified, the bigger challenge is determining what each fund is trying to achieve and how the portfolio managers go about attempting to meet their objectives.

Michael Eyre Senior investment analyst, Allfunds Bank
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About Expert Investor

Nine years after the collapse of Lehman Brothers, we ask fund selectors which lessons they have learnt from the financial crisis and how it has changed their jobs. We also answer the question whether it makes sense for asset allocators to use multi-asset funds. Last but not least, there are profile interviews with Alessandro Viviani, fund analyst at Old Mutual Wealth in Milan, and Matt Shafer, head of global distribution at Natixis AM.
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