Formulated for resilience

Fixed income investing should be thought of in two parts: macro and credit. This is because the macroeconomic trends that influence government bonds and currencies can be quite distinct from issues that arise at a corporate level.

As fixed income investors focused on bigger picture macro views have more in common with multi-asset and asset allocation strategists our macro fixed income team form part of our broader multi-asset and multi-strategy team.

Similarly, credit investors think at a corporate enterprise level and therefore have much in common with equity analysts and investors. Our credit portfolio management and analyst team, therefore, collaborate very closely with their equity counterparts. This allows a holistic view to be taken over the entire capital structure of a company and sector.