Bond funds saw flows of $56.5bn (£45.4bn) compared to the flows into equity funds of $31.1bn (£25bn).
As well as concerns over the faltering supply of fresh issuance, the wider geopolitical picture and credit risk has led to the fund opting for a 40% exposure to secured debt.
Shah’s top tip, echoed by fund manager Jonathan Platt, was to look past the credit ratings of bonds, and instead study the fundamentals of each company and the offering to find the best value.
