Credit markets seemed slightly determined to bring forward the summer lull and the flow of new issuance in the primary markets slowed to a trickle, bear in mind this follows a record H1.
Central bank action, however, continues to support credit spreads and we continue to add where we see value in the secondary market, such as adding to our T2 L&G 5.625 position and our top-rated AAA holding from the Canada Pension Plan.
At the start of the month, we sold some direct equity risk in the form of Royal Dutch Shell, Halma and Lloyds and added a small amount of Standard Chartered ordinary as well as a new holding in our Equity Growth Fund. We also added to our Shaftesbury Estates position and they remain one of our favourite central London REIT names.
We saw a little bit of activity in the closed end area, adding to our Hipgnosis holding through their successful C share issue and also our long term HICL Infrastructure holding came to market with a well-covered tap issue that we also took.
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