Fund overview
The Royal London Global-Index Linked Bond Fund is an actively managed and globally diversified portfolio of index linked government bonds. The fund was launched in January 2010 to provide investors with an alternative real yield opportunity. It may be of particular interest to those seeking to limit the impact of inflation on the value of their investments over the longer term, those wishing to meet future liabilities that are linked to inflation and those looking for diversification. The fund is benchmarked against the Barclays World Government Inflation-Linked Bond Index (sterling based).
Manager
George Henderson CFA is the lead manager for the fund and he is supported by a skilled and experienced team. George, who has established strong credentials as manager of Royal London Overseas Bond Pooled Pension Fund, works closely with Paul Rayner, Head of Government Bonds at RLAM, on the management of this fund.
George joined the RLAM team in 2003 and specialises in government bond markets, both in the UK and overseas. He has a background in portfolio analysis and performance measurement, gained at InTech Asset Consulting and has a Masters in Business Studies from the University of Otago (New Zealand).
Investment approach
RLAM look to add value through multiple sources in a variety of markets. We believe skilled investors are able to add value through bottom-up stock selection, as well as exploiting the top-down macroeconomic drivers which influence global government bond markets.
RLAM’s quarterly economic review forms the bedrock of our government bond investment process. This covers all major economic regions and focuses upon key variables such as growth, interest rates and inflation. Through this analysis we establish our key views relating to asset allocation and duration/yield curve positioning. This strategic outlook is complemented by tactical views which may reflect shorter term considerations such as technical analysis, relative valuation anomalies, market momentum and supply considerations.
Embedded within this approach is a disciplined risk framework which allows our investment team to build portfolios where the size of active positions is consummate to the level of conviction we have in an idea. In this way, we ensure risk is focused on areas of the market where we see most value.