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Alternative Market Briefing

Global bond opportunities remain despite low yield environment

Friday, September 21, 2012

Stephen Smith
Bailey McCann, Opalesque New York:

Bond opportunities are still available on the global market despite moves by central banks to keep interest rates low, according to Stephen Smith, Managing Director, Brandywine Global Investment Management. Smith offered his comments following a fixed income panel at an event held by American Beacon Advisors, in New York this week.

Smith’s approach to finding these bond opportunities is to examine the business cycles dominating the US markets and extrapolate them out to markets around the world. By identifying patterns of behavior, Smith and his team have been able to find investable bond offerings in both developed and developing markets. At Brandywine, Smith is the co-lead portfolio manager for the firm’s global fixed income and related strategies. In addition to his work at Brandywine, Smith is a sub-advisor for the American Beacon Flexible Bond Fund along with GAM International Management and Pacific Investment Management Company (PIMCO).

The fund allocates to a variety of bond opportunities in order to achieve positive total return regardless of market conditions over a full market cycle – and will invest in fixed income instruments without restrictions on their credit quality. Currently the fund is invested in long/short credit, currencies and yield curve opportunities.

"With this fund, we can be long bonds in markets we like and short bonds in markets we don’t," Smith explains in an interview with Opalesq......................

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