SWIP scoops up unloved assets

The company bought up five-year Greek bonds last month after Standard & Poor's, Fitch Ratings and Moody's Investors Service cut the country's credit rating citing its deteriorating government finances, and yields soared. The yield on the 5.5% Greek government security maturing in August 2014 increased almost 2% to 5.22% between 4 October when Greece held elections, and December 21. Since then, they have declined 72 basis points to 4.50%. SWIP also upped its exposure to stocks in the "unloved" Japanese market, according to Ken Adams, head of strategy at the fund manager, Bloomberg r...