CFS Total Return Fund: Covenant Financial Services

Eastern promise, Western demise


Steve Shafer, chief investment officer of Covenant Financial Services, has a talent for spotting trouble before it arrives. He moved the bulk of Covenant’s portfolio into cash in early 2008 as the US subprime crisis morphed into a global ­financial ­catastrophe.

Shafer’s spider sense is tingling again as slowing GDP growth and spiralling deficits in Europe and the US threaten to drag the financial markets into dangerous territory. Covenant is holding larger than usual amounts of cash in

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