Long expectations

Omar Kodmani, senior executive officer at Permal Investment Management, says the $1.5bn, 10-year old Permal Investment Holdings multi-strategy fund, open for new investors, has seen rising exposure to US high yield and US debt over the past 12 months. While global high yield debt represents about 10% of the fund, global macro represents 25% ' a strategy Kodmani says is good for returns but has a limited number of more talented managers.

'We view global macro as an antidote to equity exposure we h