A strong macro overlay on top of individual stock selection helped Kames Capital take the top spot in the global fixed income category over the three years to December 31.

The Kames High Yield fund has made 23.85% a year on average, before fees, over the three years to December 31, according to data provider Camradata. The strategy, which manages just over £600m, is 0.83 percentage points per annum ahead of its nearest rival in the global fixed income category over the period.