Fixed Income Strategy Update

In traded and Aggressive are selling 20% of HY to take that allocation back to 20% in each. We will remove the entire 5% allocation to Spanish bonds in both those. We will sell the 2% allocation to EWI in Aggressive.

A risk off call on the back of what to us is disappointing Greek plan and implications for a bit more disappointment.

The CDS indices are also trading poorly, seems like market is longer than I thought.

Will look to add back as still remain bullish, but think we may get a better entry point later this week.