Axa's Marwood on his fund's equity risk 'safety net'

1 What has driven the fund's outperformance versus its sector over five years? From an asset allocation point of view, we have probably, on aggregate, had a little bit more equity than the competition. For a little while now, we have been running the fund up towards the 60% ceiling, which we have always thought we could get away with because we have a lower risk bond portfolio. Most of our competition will have an allocation towards corporate bonds, whereas if we have any kind of corporate exposure it is always in equities. Our bond exposure is entirely government debt. Within equ...