The fund is currently underweight southern Europe.
Italy has more bargaining power than Greece ever did, so its problems are a concern. So where the managers have invested on the continent, it has been in sterling bonds to avoid nasty currency surprises.
The fund has also been underweight emerging market bonds since the start of the year – a shrewd move in hindsight, as the asset class has been one of the losers so far in 2018.
After a 35-year bull market, however, bonds are a bit of a hard sell at the moment.
But as Mr Torcail said: “Don't get fixated on interest rates and inflation. It is still possible to identify businesses that can perform in any environment.”
The fund's ongoing charge (OCF) of 0.52 per cent puts it firmly in the bottom quartile for fees, a good 19 basis points lower than the sector median of 0.72 per cent.
Over one, three, five and 10 years, the fund is first quartile in its peer group, according to fund presentations from the second quarter of 2018.
If you want proof of their stockpicking skills, there it is.
Darius McDermott is managing director of FundCalibre