THE ISLAND’S LARGEST mutual fund is shifting more of its investments in Government bonds to those issued by corporate entities.
Reporting specifically on the performance of Fortress’ Caribbean High Interest Fund, the company said this fund registered a return of 1.4 per cent in the third quarter and was up 3.8 per cent over the last year.
Stressing that return in investment in this fund was “challenging” given low bond yields globally, Fortress said “further deterioration in the Caribbean Government credit situation” worsened the situation.
“Barbados Government bonds were hit with another downgrade at the end of September. Standard & Poor’s moved them from B to B-, while maintaining a negative outlook for the future. (GE)
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