Our approach to fixed income investments

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.

That’s why, 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 have much in common with equity analysts and investors. By collaborating closely, our equity and credit teams can obtain a holistic view of the entire capital structure across companies and sectors.

Credit

Investment grade, high yield and liquidity strategies.

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Macro

Developed market rates and emerging market debt strategies.

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Key risks

Investment risk

The value of an investment and any income from it can go down as well as up and can fluctuate in response to changes in currency and exchange rates. Investors may not get back the original amount invested.

Credit 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.

The case for annuity-style buy-and-maintain credit strategies

Changing the composition of a pension scheme’s credit strategy can be a powerful way to align assets and liabilities better. By adopting the investment techniques traditionally used by insurers, schemes can select the precise characteristics they would like exposure to, to generate the cash flows that they require.

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Need more information?

For further information, please contact our investment sales team.

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