Mr Sparks said he expected to continue with the strategy for the foreseeable future, given that M&A activity has shown little sign of slowing down amid strong growth in the US, Europe and most emerging markets.
“It’s not as if we’re replacing all of our BBs, but for us it makes a big difference.”
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The Schroder ISF Global High Yield fund has returned 51 per cent over three years, compared with the 50 per cent rise in the Bloomberg Barclays Global High Yield index and an average return of 22 per cent for the IA Global Bonds sector.
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