Skandia Investment Group has taken a GBP3m position in the Templeton Global Bond Fund for its Global Fixed Interest Blend Fund.

Launched in April 2005, the Skandia Global Fixed Interest Blend Fund aims to provide long-term total return from capital growth and income through investment predominantly in global fixed interest securities.

The USD29.8bn Templeton Global Bond fund, which is managed by Michael Hasenstab, has replaced the Fidelity Institutional International Bond Fund, which remains buy-rated by Skandia.

Ryan Hughes, senior fund manager, Skandia Investment Group, says: “Templeton has a very different approach to global bond management than Fidelity: where Fidelity prefer bottom up company research, Templeton are top down macro thinkers and take aggressive country and currency positions in their portfolios.

“Templeton are also running an emerging markets bias at present, in particular to non-Japan Asia. In order to diversify the alpha streams in our portfolio, take advantage of our TAA views and leverage Templeton’s strong conviction on a number of their macro trades, we moved to Templeton.”