Our high-conviction and long-term investment style results in focused portfolios for our clients. Extensive research leads us to a thorough understanding of individual positions; our global credit research team works closely with portfolio managers to allow the sector and company knowledge of the analysts to filter into portfolios.
Idea generation and collaboration is encouraged through our global, team-based approach. This collaboration extends beyond the bounds of the credit team to include connection with our multi-asset and macro, equities and global responsible investment teams. Together, we are able to integrate non-binding environmental, social and governance (ESG) considerations across our portfolios, as well as engage with companies.
By seamlessly connecting these teams we are able to create a robust and risk-aware framework. Portfolio construction sits at the heart of this as the asymmetry of returns in credit demands a systematic approach to security selection and portfolio allocation. We use portfolio construction to drive returns through the credit cycle.
Protecting portfolios to the downside should be part of any credit investment process given the asymmetry of returns. Our proprietary risk allocation process focuses on downside protection. The integration of ESG factors into the process is another, non-binding, step we take to protect to the downside.
Chief Investment Officer, Liquid Markets
Head of Credit
Head of Emerging Market Debt and Portfolio Manager, EM Local Currency
James Vokins, CFA
Global Head of Investment Grade Credit
Portfolio Manager, Solutions, Head of Liability Driven Investment
Global Co-Head of High Yield
Global Co-Head of High Yield
Explore our credit range
Investment grade credit
A range of strategies that utilise portfolio construction to deliver attractive returns throughout the credit cycle.
A range of strategies that aim to capture the full potential of high yield bond markets while protecting to the downside.
A range of strategies offering the potential for uncorrelated returns, portfolio diversification and low volatility in either a long-only or absolute return context.
Fixed income views
Why fixed income, why now? Navigating a new era for bond markets
31 Jan 2023
Despite ongoing market volatility and geopolitical uncertainty, 2023 could bring attractive opportunities for fixed-income investors, says Barney Goodchild.
Higher for longer: A new era for fixed income
26 Jan 2023
James Vokins and Chris Higham from our credit team believe the path of inflation will remain the central question for investors in 2023. Fixed-income investors should remain cautious until that path is more certain, but fundamental analysis can still uncover attractive opportunities.
EMD outlook: Why 2023 could offer improved prospects as storm clouds lift
10 Jan 2023
After a bruising 12 months, our emerging-market debt team anticipates an improvement in the asset class’ fortunes in 2023 as declining inflation allows central banks to ease back on monetary tightening. But with many issuers still at risk of default, investors will need to tread cautiously.
Focus on the fundamentals: The outlook for high yield in 2023
3 Jan 2023
Macroeconomic forces have been key drivers of performance in the global high-yield market in recent months, but 2023 is likely to bring a renewed focus on issuer fundamentals, say Sunita Kara and Brent Finck.
Inflation, yield curves and energy prices: The outlook for buy-and-maintain credit
30 Nov 2022
Siddhartha Bhattacharyya, Iain Forrester and Matthew Raque from our buy-and-maintain credit team discuss the impact of the current environment on portfolios, where they are finding value, and how they are integrating these considerations in their net-zero plans.
Nothing happened, twice: Addressing the key questions on recent volatility for sterling money market fund investors
10 Nov 2022
After the volatility that rocked UK markets in recent weeks, Alastair Sewell reflects on how this impacted money market funds and what’s next.
The IMF/World Bank meetings in review: The key questions for emerging-market debt investors
2 Nov 2022
Pessimism was in the air at the recent IMF/World Bank meetings, with emerging markets looking vulnerable to a tightening of global financial conditions. However, their orthodox policy responses should put many countries in a stronger position to meet those challenges than previously, argue Carmen Altenkirch and Nafez Zouk.
A free lunch: The case for a diversified global sovereign bond allocation
31 Oct 2022
Recent events in the UK are a reminder of the benefit of a globally diversified sovereign bond allocation and avoiding home bias, as Jennie Byun, Kurt Knowlson and Steve Ryder explain.
Convertible bonds: Five questions with Shawn Mato
31 Oct 2022
Shawn Mato discusses recent developments in the convertible bond market with Rico Pedrett.
What does the data say? Emerging-market debt in focus
7 Oct 2022
In this month’s instalment of our visual series on topical themes, we look at some of the biggest recent trends in EMD.
Alpha, asset stranding and action: The state of play in Climate Transition Credit
6 Oct 2022
Will new climate legislation accelerate the transition, or will the energy crisis hamper it? Thomas Chinery and Justine Vroman assess the implications for strategically positioned bondholders.
European money market fund reform: Preparing for change
15 Sep 2022
European regulators are set to introduce significant reforms to money market funds. Investors need to be ready, says Alastair Sewell.
High yield: Has the risk of capital loss from defaults reduced?
7 Sep 2022
Despite spread widening, defaults in the high yield market have yet to hit significant levels. Will structural changes in the market limit the damage from defaults in future crises?
EM corporate debt: Resilience in turbulent times
23 Aug 2022
Emerging markets have been hit by stern economic challenges in 2022. But many companies are proving resilient thanks to strong fundamentals, as our emerging market corporate debt team explain.
Zero-COVID: China’s costly policy error
10 Aug 2022
Beijing’s ideological battle to stamp out COVID-19 appears increasingly misguided as the rest of the world learns to live with the virus. But the impact of China’s approach will be felt far beyond its borders.
What does the data say? Are we close to 1970’s-style stagflation?
29 Jul 2022
In this month’s instalment of our visual series on topical themes, we look at whether the global economy is heading towards stagflation.