Iraq conflict causes managers of fixed interest to take shorter bets

Fixed interest managers have shortened the length of time they held positions in both high-grade and high- yield debt during hostilities in Iraq due to concerns over market volatility.

Daniel Beharall, head of tactical fixed income at Henderson Global Investors (HGI) and manager of HGI's Global Fixed Income Absolute Return Fund, says volatility 'reduced the attractiveness of longer-term positioning (via reduced prospective Sharpe ratio) while increasing the range of short-term opportunities.

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