For Tony Yousefian it is all about active management. As manager of the OPM Fixed Interest Fund, he has moved to position the fund in the past six months to benefit from an expected upturn in the credit markets.

Out has gone investment in sub-investment-grade debt - from 30 per cent in October to zero today. And the holding in emerging markets has been downscaled, from 16 per cent six months ago to 9 per cent today.