Omam has removed euro bond exposure to the Old Mutual Global Strategic Bond fund, FundWeb reports. The firm has also eliminated exposure to the Australian and Canadian dollars as well as the South African rand due to falling demand for commodities.
The fund has a long duration on the U.S. dollar, yen and G5 government notes, issued by France, Germany, Japan, the U.K. and the U.S. Foreign companies selling into the markets are being preferred to those with government exposure. Nearly a quarter of the fund is presently allocated to credit.
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