Jaguar LandRover - rotating

JLR:

-cWe are not fans of the long-term prospects of JLR, which has primarily to do with the unknown expense the company faces to increase its share of fully electric vehicles. This being a long-term question, however, the large cash balance, their B+ rating, and relatively uneventful short-term outlook should make them safe to hold and an easy buy for anyone re-allocating cash.

- The 4.25% 2028s should have upside into the high 90s, but running yield is limited, its a GBP name and the outlook is stable, but a little bit boring.

- We are buying 2.5% of NAV.