Scottish Widows bearish on fixed interest

Scottish Widows is positioning its £1bn Mixed pension fund for an imminent recovery in the global economy and is becoming increasingly bearish on bonds.. Andrew November, manager of the portfolio, believes the global economy will start to recover during the second half of this year, and while growth will initially be muted it should be on an improving trend during 2004. At present the fund has 10.7% of its assets invested in UK fixed interest. After a period of strong performance by bonds, November predicts yields will rise and prices fall as the global economy proves to be a lot str...