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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.
Middleton has spent the last four years working in the US
Pieter Staelens discussses why investors still have misperceptions around credit following the GFC
The Autumn Budget was a ‘once in a Parliament reset’ to get public finances in order
The Monetary Policy Committee voted 8-1 in favour of a 25 basis-point cut to 4.75%
Adopting a single manager approach on the £14.3bn fund range is ‘the most appropriate strategy going forward’
Imposing taxes on all US imports could trigger a trade war that upheaves global market dynamics and re-fuels inflation
