Schroders' Brookes: It's been no diamond year, but we will be proved right

Brookes (pictured) attributes the drop in performance to his bearish view on bonds, especially UK gilts. Unexpectedly, core sovereign debt has produced some of the strongest returns this year. The multi-manager also has over a third of his portfolios in cash, as well as holding some managers with extremely high cash allocations, such as J.P. Morgan's bond veteran Bill Eigan. That means, in some cases, Brookes and co-manager Robin Mcdonald's cash holding is closer to the 40% mark. "We have not had a diamond year, because we are pretty bearish on bonds, and they have just gone up thi...