Fund overview
The Royal London Global Bond Pooled Pension Fund is an actively managed, globally diversified portfolio of high quality government bonds. The fund is suited to pension fund investors looking to diversify government bond risk; currency risk is minimised through currency hedging.
The fund is benchmarked against the JP Morgan Traded World Government Bond (hedged) Index and aims to outperform this index by 1.05% per annum, gross of fees, over rolling 3-year periods within a risk controlled framework.
Manager
George Henderson, CFA, is the lead manager and is supported by a skilled and experienced team. George, who has established an outstanding record as manager of the fund, works closely with Paul Rayner, Head of Government Bonds at RLAM, on the management of the Global Bond 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.