The $660 million ConnectSuper has restructured its fixed income portfolio to assign two new mandates.
The industry fund redeemed a portion of its $61 million diversified fixed income allocation to Credit Suisse Asset Management (CSAM) to invest $10 million in a syndicated loans product with the manager, and another $10 million in a strategic global income fund run by Principal Global Investors.
CSAM now runs $41 million in diversified fixed income for ConnectSuper.
“We see some real opportunities in credit markets. Both new positions should give us a little more octane in our credit portfolio,” Séan Leonard, chief executive officer of the fund, said.
The fund was also monitoring the real asset world for opportunities arising from any forced-sales in these markets.
ConnectSuper is the industry fund for electrical and communications contractors.