Letter to Shareholders Value Bonds Q3 2012

We continue to find pockets of high-yielding value ex-index.
  • European risk is diminishing but China has disappointed
  • Europe’s banks look very attractive
  • Corporates still pay more than is justified by the risk
  • ‘ETF effect’ means value is off-index
  • Expect an increase in takeover activity
  • Value case study – Australian nickel producer

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