Bond exposure positive as equities overvalued

Scottish Widows is running a far higher bond weighting in its major mixed pooled pension fund than the Hill Samuel equivalent. The Hill Samuel Managed Global Pensions fund outranks its counterpart in terms of three-year rolling returns for the 1996-1999 period in the CAPS survey. Hill Samuel is 19 out of 62 funds measured with the end of March compared to the Scottish Widows Pensions Mixed Fund which is ranked 46. Robin Garrow, investment director and global strategist at Scottish Widows, says the group is cautious about the global equity markets, particularly the US, and so has a higher ...