High-Grade Utilities

Credit awards 2002

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What was one of the worst calls to make over the past year in your sector that you avoided?

Out of the liquid bonds in the pure European utility universe, RWE 08s and SCOTPO 08s were two of the worst performers over the last 12 months. We changed our opinion on SCOTPO last August to underweight, and got the timing just right as the profits warning followed in early September. For RWE, we moved modestly underweight RWE 08s in January, and excess returns have subsequently underperformed

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