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Short-Dated Gilts Lose Tax Efficiency Appeal, Says Wealth Manager
Amanda Cheesley
19 August 2025
The once-compelling trade into low-coupon, short-dated UK gilts is showing signs of fatigue. Falling yields and maturing inventory are undermining its tax efficiency for higher-rate taxpayers, a UK wealth manager says. John Stopford, head of managed income and Jason Borbora-Sheen, portfolio manager at also recently highlighted the case for investing in UK firms, saying it is still an undervalued market. Cutler is heavily overweight in the UK market. See more commentary here. Based in London and Cape Town, Ninety One is a global investment manager managing £139.7 billion ($189 billion) in assets.