Schroders still defensive about credit

Schroder Investment Management has remained defensively positioned on credit markets in Asia, having moved to a capital preservation mode last year with the aim of upholding the absolute return objective of its $1.7 billion Schroder ISF Asian Bond Fund. Since the start of the credit crisis in the second quarter of 2007, Schroders has substantially lowered its exposure in high-yield corporate credit due to the sector's strong sensitivity to the US credit and banking crisis. The fund h…