Fund manager


Phil Milburn

Weighing the debits and credits

Phil Milburn analyses the impact of governments’ and central banks’ stimulus in offsetting the potential economic destruction caused by COVID-19 and what this means for bond markets. Read more
Phil Milburn

Be nervous and buy risk

Phil Milburn assesses bond markets amid the ongoing Coronavirus outbreak, refuting concerns we are facing another 2007-09 style existential crisis. Read more
Phil Milburn

10 bond ideas for 2020

Phil Milburn provides 10 investment opportunities in bonds at a time when fixed income markets are expensive and stock selection remains key. Read more
Phil Milburn

Kicking the UK’s fiscal tyres

As the UK prepares to go back to the polls on 12 December, Phil Milburn takes a look at the state of government finances and analyses some of the promises we can expect over the weeks of campaigning. Read more
Phil Milburn

FRNs – they’ll be there for you

Floating Rate Notes (FRNs) have been a very useful asset management tool for the Global Fixed Income team this year. Phil Milburn looks at the investment characteristics of these bonds and explains why they have been so attractive in 2019. Read more
Phil Milburn

Global Fixed Income Quarterly review – rates valuations remain hard to fathom

The Liontrust Global Fixed Income team are more sanguine about the economic outlook than the consensus view and do not agree with current central bank policy. Phil Milburn explains the reasons for the team’s contrarian views and what this means for their portfolios. Read more
Phil Milburn

Quarterly review – stimulus wave continues in ‘bad news is good’ period

Long read: Waves of monetary stimulus continues over a quarter in which we returned to the days of ‘bad news is good’. Read more
Phil Milburn

Thinking inside the box

Phil Milburn outlines the latest position on the Liontrust Global Fixed Income funds, a rare ‘box trade’ capturing current pricing anomalies between French and German debt. Read more
Phil Milburn

This is what it sounds like when doves coo

Having warned of ‘screaming markets’ under over-zealous Fed tightening, Phil Milburn analyses the friendlier noises emanating from the newly dovish central bank and the opportunities in such an environment. Read more
Phil Milburn

Are we nearly there yet?

Bond market reaction to yesterday’s dovish Fed comments suggests this new policy stance is wrong given current data. Wages are rising, inflation near target; Phil Milburn discusses how this is not the time to stop tightening and increases the risk of sharp correction. Read more
Phil Milburn

End of the beginning?

Does the recent volatility mean this is the end of the beginning or the beginning of the end? Phil Milburn analyses where we are in the market cycle and what this means for investors. Read more
Phil Milburn

The equilibrium interest rate (r*) in the UK

Why have equilibrium UK rates fallen so much? Read more
Phil Milburn

How much duration?

Phil Milburn explains the importance of managing absolute duration risk and not chasing the most expensive risks in the market in running the new Liontrust GF Strategic Bond Fund. Read more
Phil Milburn

The wary canary and the LIBOR OIS spread

The US 3 month LIBOR OIS spread has widened since the start of the year, prompting questions about whether this is a sign of stress in the market for the wholesale liability financing of US banks. Phil Milburn analyses what has driven the widening and what this means for investors. Read more
Phil Milburn

Securitisations, alignment of interests and a recent DC Court ruling on CLO risk retention

Now if that catchy title does not tickle your fancy then you are still a functioning human and have not descended fully into the world of being a bond geek! However, the ruling does have some small ramifications for the US high yield bond market and is a sign of the retrenchment in regulation we are witnessing in the US. Read more