|>>|| No. 6528
I'm not entirely sure that's right. I've been in contact with a fair few fund managers post-Referendum and they've said they're not changing their stance on gilts because the market isn't big enough for them to take a significant holding in it, so the effects on their performance would be negligible, even when we're talking multi-asset funds in the old defensive managed sector.
The main holders are annuity providers and life offices, for solvency reasons, and final salary pension schemes to offset their liabilities. Oh, and fixed interest funds which specifically invest in gilts.