Seeking climate-resilient growth in a core fixed income allocation
Climate change is reshaping the investment landscape. As the world transitions to a low-carbon economy, the risks and opportunities tied to climate are becoming central to creditworthiness and long-term value creation.
We believe markets have not fully priced in the impact of decarbonisation or the physical risks of climate change. This creates a compelling opportunity: to invest in issuers with credible climate strategies who are better positioned to navigate — and benefit from — this transition.
Aviva Investors has a long history of credit and sustainable investing, spanning decades. The Aviva Investors Global Climate Credit Fund is an actively managed strategy focused on global investment-grade bonds. It aims to outperform the Bloomberg Global Aggregate Corporate Index by investing in companies that are effectively addressing climate change and aligning with a net zero emissions pathway by 2050.
Why invest?
Our climate-focused investment grade credit strategy has a dual mandate of seeking financial performance and climate outcomes.
This strategy serves as a long-term fixed income anchor, offering exposure to a growing set of climate-aligned investments. It helps mitigate transition risk and has seen strong demand among net zero-focused investors—enhancing liquidity and potentially narrowing spreads for climate-conscious issuers.
Generate income and long-term capital growth
We seek to capture diversified, excess returns from across the global investment grade universe with a focus on maximising risk-adjusted returns and enhanced capital preservation.
Alignment with a net-zero emissions pathway by 2050
The strategy solely targets companies holding Science Based Targets (SBTi’s), or equivalent, by 2040, aligning the portfolio with a net-zero emissions pathway by 2050.
Explore fund performance and key data
Find the latest prices and performance data in our fund centre via the links below. If you have any questions, please contact our distribution team.
Aviva Investors Global Climate Credit Fund (SICAV)
An actively managed fund focused on global investment-grade bonds. It invests in companies that are effectively addressing climate change and aligning with a net zero emissions pathway by 2050.
Investment philosophy
We believe climate-focused credit offers a compelling opportunity to deliver consistent, long-term outperformance within a core investment grade allocation — while supporting companies transitioning to a low-carbon economy.
Our strategy invests in a broad universe of issuers, focusing on those actively addressing climate change through mitigation, adaptation, or resilient business transformation. We also allocate to green, social, sustainability, and sustainability-linked bonds* that fund positive environmental and social outcomes.
The following are key strengths in our approach to Global Climate Credit investing in the Fund:
Bespoke climate approach
Our bespoke climate filter defines our investment universe, categorising bonds into solutions, and those operationally aligned and demonstrating climate integrity. This approach seeks to identify opportunities for diversified alpha from a broad opportunity set.
Robust portfolio construction
We aim for enhanced capital preservation with disciplined risk management which avoids an overreliance on beta. We invest with a high conviction approach, anchoring portfolios in resilient, income-generating credits while tactically capturing capital appreciation opportunities.
Targeted engagement
We seek to drive meaningful change through our firm-wide Climate Stewardship activities and our portfolio engagement programmes. We encourage our companies/issuers to adopt Science Based Targets, targeting 100% by 2040, aiming to align the fund to a Net-Zero emissions pathway by 2050. Where there is insufficient progress, escalating action will be taken which may ultimately lead to divestment from those companies that fail to meet our minimum expectations.
*Green, Social, and Sustainability Bonds: Bonds funding projects with positive environmental, social, or sustainability impacts.
Sustainability-Linked Bonds: Bonds tied to achieving key performance indicators that promote positive environmental, social, or sustainability outcomes.
Investment insights
Investment thinking that brings together the collective insight of Aviva Investors’ teams from across the globe on the key themes influencing markets.
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From niche to core: Asset-based finance emerges as a driving force as private debt markets continue to evolve
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Energy-intensive industries: Unlocking low-carbon investment
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Bond Voyage: A journey into fixed income
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Money-market funds: An overview for corporate treasurers and investors
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Nana Antwi provides an overview of money-market funds (MMFs) and their importance in cash management for corporate treasurers and many other investor types.
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Bucking the trend: Emerging market debt shows its mettle amid wider market turbulence
19 May 2025
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Sovereign engagement: Driving positive change while delivering long-term value
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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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Bond Voyage: A journey into fixed income
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In May, our EMD team discusses the most effective way to manage fixed income through episodes of heightened uncertainty.
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Bond investing: Five things to know about bonds
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The cash conundrum: Five things to know about cash, saving and investing
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In this article, we explore the logic behind holding assets in cash, the difference between saving and investment, and why a longer-term focus may help investors achieve their objectives.
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Buy-and-maintain credit: Taking the road to net zero
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Long-term trends like climate change are particularly important for buy-and-maintain investors. How can they integrate climate objectives, such as net zero by 2050, into their portfolios?
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Decarbonising agriculture: Unlocking investment in sustainable land use
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Agriculture is integral to reaching net-zero emissions and reversing nature loss. Its transition also presents huge investment opportunities. We held a roundtable of experts to discuss challenges and solutions.
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Climate Stewardship 2030 programme
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Designed to support our holistic stewardship approach, Aviva Investors adopted its Climate Stewardship 2030 programme (CS30) in 2024.
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Decarbonising buildings: Five barriers and how to overcome them
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Decarbonising transport: Five key challenges and how to overcome them
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Building bridges to net zero: Mobilising value chains for decarbonisation
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From aviation to heavy industry, achieving net zero requires a collective unlocking of entire ecosystems. This is what our sector roundtables aim to do, by bringing together stakeholders from across the value chain of high-impact sectors.
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Confronting a permacrisis? The intersection between antimicrobial resistance, climate change and biodiversity loss
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Will a warmer and less biodiverse world give pathogens new opportunities, and do we have the tools to confront disease? This report discusses the complex intersection of three planetary crises and calls for urgent action to slow resistance to antimicrobial drugs – an obvious public health emergency.
Bond Voyage: A journey into fixed income
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House View
No one can predict the future. But our quarterly House View sets out the collective wisdom of our investment teams on the current state of global markets – and where they might be heading.
Aviva Investors Global Climate Credit - Strategy in Brief
Seeking climate-resilient growth in a core fixed income allocation
Key risks
This is a summary of the key risks. For further information on the full risks and risk profiles of the fund, please refer to the relevant KIID and Prospectus.
Investment risk and currency 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.
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.
Counterparty risk
The Fund could lose money if an entity with which it does business becomes unwilling or is unable to meet its obligations to the Fund.
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.
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.
Currency risk
The fund is exposed to different currencies. Derivatives are used to minimise, but may not always eliminate, the impact of movements in currency exchange rates.
Global climate credit team
Our Global Climate Credit strategy is headed up by Thomas Chinery and Justine Vroman, both experts in climate, stewardship and sustainable investing. The team benefits from the expertise of Aviva Investors’ unified fixed income platform of over 80 experts through cross-capability global collaboration.
Justine Vroman
Senior Portfolio Manager
Explore
Fixed income
Fixed income is an indispensable building block for meeting a variety of investment goals, including income, inflation protection, liability management and capital appreciation.
Note for UK Investors: This Fund is domiciled in Luxembourg and is authorised by the Commission de Surveillance du Secteur Financier (CSSF). The Fund is recognised in the UK under the Overseas Funds Regime but is not a UK-authorised Fund and therefore is not subject to UK sustainable investment labelling disclosure requirements. UK investors should be aware that they can make a complaint about the fund, its management company, or its depositary. However, complaints may not be eligible for resolution by the UK’s Financial Ombudsman Service and any claims for losses related to the management company or depositary will not be covered by the Financial Services Compensation Scheme (FSCS). UK investors should consider seeking their own financial advice before making any decisions to invest and refer to the scheme prospectus for further information.