| Abstrakt: |
ALEX Crooke, manager of the Henderson High Income trust, has trimmed his exposure to US mortgage-backed security fund Prodesse Investment from 900,000 shares to 875,000 or 2.82% of the total worth £3.42 million. Crooke has recently pruned his exposure to financials and has recycled assets into more solid defensives such as healthcare. The £140 million Guernsey-listed Prodesse fund invests in high-rated US domestic mortgage-backed securities, and is held by many of the leading names in UK fixed income investment. After suffering during the early stage of the credit crunch, the fund has been massively rerated as the markets normalised, with its portfolio marked up 65% over the past year. Many American homeowners have taken advantage of low variable rates since the beginning of this year to pay down their mortgages, giving income levels a sharp boost. [ABSTRACT FROM PUBLISHER] |
