Our approach
We are long-term, fundamentally driven investors seeking to capitalise on inefficiencies in the global high yield market. We aim to outperform the market through the cycle with less risk.
Holistic global portfolios
Our global high yield portfolios are constructed free from regional sleeves, giving our team more scope to generate alpha as well as opportunities for arbitrage from multi-currency issuers.
Higher quality
We believe over the long term, higher-rated high-yield names outperform. In pursuit of superior risk-adjusted returns, we focus on higher-rated credits, with a tactical allocation to lower-quality names when appropriate.
Potential benefits
Offering diversification and attractive income potential, high yield bonds can play an important role in a balanced portfolio.
Diversification
Given their low to moderate correlation with other asset classes, high yield bonds can provide diversification in a balanced portfolio.
Smoother returns
Over the past 25 years, high yield bonds have delivered similar returns to equities, but with almost half the volatility.
Attractive income
High yield bonds have the potential to generate attractive all-in yields, supported by stronger company fundamentals than a decade ago.
Key risks
Past performance is not a guide to future performance.
Investment risk
The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested.
Credit and interest rate risk
Bond values are affected by changes in interest rates and the bond issuer's creditworthiness. Bonds that offer the potential for a higher income typically have a greater risk of default.
Derivatives risk
Investments can be made in derivatives, which can be complex and highly volatile. Derivatives may not perform as expected, meaning significant losses may be incurred.
Investor in funds
Investments can be made in other funds; this could mean the overall charges are higher.
Illiquid securities risk
Some investments could be hard to value or to sell at a desired time, or at a price considered to be fair (especially in large quantities). As a result their prices can be volatile.
Sustainability risk
The level of sustainability risk may fluctuate depending on which investment opportunities the Investment Manager identifies. This means that the fund is exposed to Sustainability Risk which may impact the value of investments over the long term.
Our high yield investment team

Sunita Kara
Global Co-Head of High Yield

Pierre Ceyrac
Senior High Yield Portfolio Manager
Explore our fixed income range
Bond Voyage: A journey into fixed income
Each month, our freewheeling fixed-income newsletter gathers insights from our high-yield, investment-grade, emerging-market and global sovereign bond teams.

Fixed income views
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Bucking the trend: Emerging market debt shows its mettle amid wider market turbulence
19 May 2025
Emerging-market debt has proved a rare bright spot so far this year as investors struggle to assess the impact of US political upheaval. In this article, Carmen Altenkirch and Nafez Zouk advance reasons why the market is well placed to weather ongoing market turbulence.
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Sovereign engagement: Driving positive change while delivering long-term value
14 May 2025
Investor engagement with governments on their climate commitments can be a powerful complement to other forms of stewardship. It can also help investors identify opportunities and mitigate risks, says Thomas Dillon.
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From tactical to strategic: How emerging-market hard currency debt fits in your fixed income portfolio
13 May 2025
Investors should consider EMD hard currency for a long-term strategic allocation within fixed-income portfolios to boost portfolio returns, rather than just a short-term tactical play.
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Bond Voyage: A journey into fixed income
6 May 2025
In May, our EMD team discusses the most effective way to manage fixed income through episodes of heightened uncertainty.
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Future proofing fixed income
16 Apr. 2025
Advances in data analytics and AI-driven insights are changing the landscape in fixed income investing, and the pace of change in innovation and technological adoption is remarkable.
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Bond Voyage: A journey into fixed income
10 Mar. 2025
This month, our fixed income teams discuss the boom in hybrid issuance and weigh up the risks and opportunities of potential tariffs, interest rate moves and fiscal dynamics.
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Bond Voyage: A journey into fixed income
10 Feb. 2025
As we negotiate an uncertain landscape, our fixed income teams reflect on potential sources of resilience.
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Bond Voyage: A journey into fixed income
13 Jan. 2025
With a new US president poised to take office, central banks diverging and ongoing political uncertainty, how are the key fixed income asset classes positioned for the year ahead?
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Sovereigns’ state: Analysing the new challenges facing global sovereign bonds
13 Dec. 2024
The expected policies of a Republican administration in the US bring added uncertainty to the global growth cycle. Steve Ryder and Daniel Bright examine the probable impacts of a world with more tariffs and political strains.
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40 years of lending lessons: How four decades in real estate debt has shaped Aviva Investors’ approach
12 Dec. 2024
From navigating market crashes to embracing ESG and technology, Adrian Poole and Gregor Bamert reveal how 40 years of real estate debt investing have moulded Aviva Investors’ strategy – and what it takes to stay ahead in a rapidly changing market.
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Bond Voyage: A journey into fixed income
9 Dec. 2024
This month, we explore how US Treasuries are taking a breath, why 2025 could be the year of carry for high yield, what increasing dispersion means for emerging markets, and how surging M&A activity could affect investment-grade bonds.
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Bond Voyage: A journey into fixed income
4 Nov. 2024
This month, our fixed-income investment teams discuss US elections, IMF meetings, US versus European high yield, managing declining rates for cash, and what the future might hold in store for gilts.
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Bond Voyage: A journey into fixed income
10 Oct. 2024
In our October edition of Bond Voyage, our fixed-income teams reflect on US elections, US rates, France’s slide towards the periphery of EU issuers, and ESG considerations in Asia.
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Bond Voyage: A journey into fixed income
16 Sep. 2024
This month, we discuss the books that inspired our investment teams over the summer.
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Bond Voyage: A journey into fixed income
9 Aug. 2024
In this summer edition of Bond Voyage, we discuss topical themes in liquidity, emerging-market debt, investment-grade credit and global sovereign bonds.
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Bond Voyage: A journey into fixed income
2 Jul. 2024
In a special European Championships edition of Bond Voyage, we discuss topical themes in liquidity, emerging-market debt, investment-grade credit and global sovereign bonds (with a little help from Cristiano Ronaldo and Kylian Mbappé).