Fund manager


Donald Phillips

Why high yield bonds are an evergreen asset

Despite recent rises, government bonds still offer historically low yields. Donald Phillips explains how high yield bonds can provide extra income and ways in which investors can seek to minimise default risk. Read more
Donald Phillips

High yield should remain on the radar for 2021

Donald Phillips of the Liontrust Global Fixed Income team says a 4% to 5% base case for high yield bond returns in 2021 stacks up well against other asset classes, with the benefits of non-negotiable interest payments and the team seeking to limit default risk. Read more
Donald Phillips

High yield: all about that income

With 100% of high-yield bond performance driven by income over the last decade, Donald Phillips says this asset class offers an attractive alternative for investors concerned about widespread dividend cuts across equities. Read more
Donald Phillips

Examining high yield bond opportunities after sharp rise in spreads

Donald Phillips uses top-down market analysis and individual bond selection to examine the opportunities for investors following the sharp rise in high yield bond yields during March’s sell-off. Read more
Donald Phillips

A good entry point for high yield

With recent events causing high yield bond spreads to spike above 6%, Donald Phillips explains why investing at this level has historically offered investors stronger returns. Read more
Donald Phillips

10 things everyone should know about high yield bonds

The high yield bond market is currently being ignored by investors, but we believe there are a number of reasons why this asset class should be included in portfolios. In this article, we provide 10 key points to remember about high yield (as well as our own GF High Yield Bond Fund). Read more
Donald Phillips

What does the government bond rally mean for high yield?

After the rally in rates markets since late last year, Donald Phillips investigates what we can expect from high yield returns over the coming months. Read more
Donald Phillips

Transatlantic valuation blues

With central bank manipulation continuing to skew bond markets, Donald Phillips says now is an opportune time to be reducing exposure to European high yield. Read more
Donald Phillips

Measuring success in high yield

With the GF High Yield Bond Fund passing its first year anniversary, co-manager Donald Phillips explains why measuring performance against traditional indices has limitations and why the Fund is pursuing a no-junk, anti-thematic approach. Read more
Donald Phillips

Looking through a zombie apocalypse

With growing focus on the so-called ‘zombie’ end of the high yield market, kept alive by years of loose monetary policy, Donald Phillips considers the impact on the sector – and the opportunity – if these walking dead were wiped out. Read more
Donald Phillips

The pitfalls of being too benchmark aware

Turkey comprises just 2% of the global high yield market and yet accounted for close to 90% of its (negative) return in the first half of August. Donald Phillips analyses why investing relative to a benchmark is fraught with danger. Read more
Donald Phillips

Moving the target

Donald Phillips outlines why the team has opted to use a new performance target to measure success on the Liontrust GF High Yield Bond Fund. Read more