220. Why a focus on capital gains can miss out on opportunities in income

<p>Jason Borbora-Sheen, manager of the Elite Rated <a href='https://www.fundcalibre.com/elite-funds/ninety-one-global-income-opportunities'>Ninety One Global Income Opportunities</a> fund, takes a broad look across global asset classes in this far-reaching episode. He gives us his current and future outlooks for both the bond and equity markets, and how these have shaped the portfolio. He also comments on how the fund uses hedging to benefit the portfolio - in particular when it comes to gaining from emerging market debt – and tells us how consistency and reliability are key factors for stock picks and why investors who tend to focus on capital gains, may miss the opportunity that comes from income.<br/><br/><b>What&apos;s covered in this episode:</b></p><ul><li>What’s happening in the equity and bond markets</li><li>Dollar v Sterling</li><li>Why the fund has halved its net equity exposure in the last 12 months</li><li>Why the fund’s duration has increased </li><li>How hedging currency exposure creates a differentiated performance profile</li><li>How reliability and consistency are key to stock picks</li><li>Why Daimler makes a good case for portfolio inclusion</li><li>A compelling outlook for income vs growth</li></ul><p><b>More about the fund:<br/></b><a href='https://www.fundcalibre.com/elite-funds/ninety-one-global-income-opportunities'>Ninety One Global Income Opportunities</a> fund invests conservatively around the world in a diverse range of equities and bonds. It can also invest a little in other assets and, overall, aims to achieve returns that are equal to, or more than, the rate of inflation +4% per annum (before fees are taken) over rolling 5-year periods. It also targets an income of 4% for investors.<br/><br/>Learn more on <a href='https://www.fundcalibre.com/'>fundcalibre.com</a><br/><br/><em>Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of liste