Russell Investments has appointed a high-yield specialist and shed weightings to two fund managers within its $442 million Global Strategic Yield Fund.
United States-based high-yield specialist Logan Circle has been assigned a 30 per cent strategic weighting within the fund.
"The addition of Logan Circle strengthens the manager line-up and helps increase specialisation and diversification within the fund," Russell portfolio manager James Mitchell said.
"The firm has a strong focus on risk control and closely monitors deviations from benchmark weights."
Russell slashed PIMCO's strategic weighting in the fund to 25 per cent from 40 per cent and Stone Harbor's to 20 per cent from 35 per cent.
PIMCO's mandate had shifted slightly away from emerging market debt (EMD), Mitchell said.
"Stone Harbor's mandate is now 100 per cent emerging markets focused, reflecting our increased confidence in its EMD product, which has benefited from staff additions in recent years," he said.
DDJ Capital Management's 25 per cent strategic weighting within the fund remains unchanged.
