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Ben lordreturns additional slide

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  • 1. Portfolio themes M&G UK Inflation-Linked Corporate Bond Fund Top down Bottom up ASSET TYPE • Neutral duration (2.5y) RATES MACRO • Hedging duration via • Yield curve too steep • EU rates poor rel val • EU macro tail risks SECTOR INDIVIDUAL CREDIT • € corp hybrids (low rate GBP & EURO futures sens, high yields) • Preference for $ FRNs • Fix to float yield over € & £ underpriced • Cash CREDIT • Bullish credit • Euro cash bond valuations rich • Shift from US to EU • Synthetic vs physical in Europe (+’ve basis opp) • Hybrids and Sub fins • Financials vs HY Sub vs Senior financials • US/UK vs EU Long end USD telcos Financials • USD TMT • CDS Single name +’ve basis INFLATION Broad IG indices 1 • Bullish on UK Bes • UK inflation upside vs Europe deflation risk (valuations) • Synthetic vs physical (liquidity)