Glendevon King Asset Management, the independent fixed income boutique based in London, Guernsey and Luxembourg, announced this week the launch of a Norwegian Krone class (NOK) in its new Gl
Glendevon King Asset Management, the independent fixed income boutique based in London, Guernsey and Luxembourg, announced this week the launch of a Norwegian Krone class (NOK) in its new Global Bond Fund II with an initial focus on Nordic absolute return credit opportunities. Yannick Naud is the fund’s lead manager. Naud has been running a Nordic strategy within GKAM’s existing portfolios since 2009. The fund will primarily invest in bonds issued by companies based in Denmark, Norway, Sweden and Finland and sits as a sub-fund to the Glendevon King Global Fund SICAV. It will aim to reproduce the same success of Global Bond Fund I which launched a year ago. The fund will have a long cash book consisting of corporate and/or government bonds, which will be selected using a bottom-up approach. A derivatives overlay will also be used to actively manage risk via futures and/or options on bonds, equity indices and interest rates.
Key to the decision to launch the Krone class is GKAM’s conviction that the currency has significant potential to further appreciate against the Euro, Swiss Franc and greenback. “The fund was born out of strong demand from investors to separate corporate risk from country risk and offers a very good opportunity for protection and growth against the deepening European sovereign debt crisis,” said Naud, adding: “Nordic countries are considered among the safest in the world for investment, with stable economic climates, low sovereign risk and for some of them higher interest rates.”
