“Had we known upon launching this fund that within three years we would witness the worst bear market in the recorded history of fixed income, we would have recognised this was not the perfect product for that time. That would have been an absolute return bond fund, which we are not, but I believe our performance has been admirable, just imagine what we can do once the market stops falling in on us.”
That is the view of bond veteran Stephen Snowden, who feels that after facing numerous economic headwinds, significant opportunities are starting to appear for the Artemis Target Return bond fund. Before you ask - yes - this fund does sit in the Investment Association Target Absolute Return sector, but as Snowden himself explains "attempting to deliver positive returns in all market conditions is a noble quest - but it is doomed to fail". Hence he is keen to stress the term ‘target return' rather than ‘absolute return' - as the fund carries some interest rate and credit risk. Dariu...
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