Our approach
Working closely with our strategists and economists, our specialist macro team invest across a range of developed market government bonds. Our institutional heritage makes us well placed to meet a wide variety of complex and bespoke client needs, such as hedging and liability-matching.
Potential benefits
Commitment
An experienced, global team located in the UK, Continental Europe, North America and Asia.
Creativity
A focused strategy supported by deep fixed income expertise.
Construction
A disciplined portfolio construction which we view as important as idea generation.
Key risks
For further information on the risks and risk profiles of our funds, please refer to the relevant KIID and Prospectus.
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.
Macro team
Liam Spillane
Head of Emerging Market Debt and Portfolio Manager, EM Local Currency
Barney Goodchild
Head of Credit and Equity Investment Specialists
Rakesh Girdharlal
Head of Liability Driven Investment and Liquidity
Todd Cutting
Senior Portfolio Manager, Liability Driven Investment
Need more information?
For further information, please contact our investment sales team.
Fixed income views
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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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The case for ReturnPlus: A capital efficient enhanced liquidity strategy
29 Nov 2024
The ReturnPlus strategy invests in a broad range of liquidity sub-asset classes, while consuming limited regulatory capital. Our ReturnPlus team explains why investors should consider an allocation to the strategy.
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From tactical to strategic: Investing in emerging-market hard currency debt in your fixed income portfolio
18 Nov 2024
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
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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Power play: Why political risk matters for emerging-market debt investors
11 Oct 2024
In this article, we explore why measuring and continually monitoring geopolitical risks is essential for investors in EM debt.
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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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Multi-asset allocation views: Where next for markets after the summer storms?
9 Oct 2024
Volatility returned to markets in the third quarter of the year. While the short-term drivers are not unduly worrying, Sunil Krishnan argues multi-asset investors will need to be watchful over the medium term.
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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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Standing tall: Three factors behind the resilience of emerging-market debt
13 Sep 2024
In this article, we explore what’s behind emerging markets’ impressive performance in the face of global economic volatility, and investigate how EM debt investors can take advantage.
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An ABS renaissance? Why it may be time for insurers to reconsider asset-backed securities
2 Sep 2024
Securitisation performs a vital role in capital markets and asset-backed securities have historically been a core holding for insurance companies. This article revisits the investment thesis for ABS and explores why the stage may be set for something of a renaissance.
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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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Time to get active: Finding opportunities in emerging-market debt
30 Jul 2024
Emerging markets have remained robust amid the economic and political uncertainties of 2024, but active management will be important if debt investors are to identify standout performers over the coming months.
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Riding the technical tailwinds: The outlook for investment-grade credit
25 Jul 2024
Credit markets have had a comparatively easy ride so far in 2024, and investment-grade corporate spreads are now at some of their tightest levels for a long time. But investors must guard against complacency.
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Liquidity optimisation for insurers: Building a bespoke portfolio solution
9 Jul 2024
In the third part of our liquidity optimisation series, we look at how bespoke liquidity portfolios that take into account the interplay between different assets can suit the needs of insurers.
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Finding the right blend: Optimising asset allocation in liquidity pools
5 Jul 2024
In the second part of our new article series on liquidity optimisation, Alastair Sewell investigates how investors can find the right mix of assets for their liquidity pools.
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The difficult last mile: Inflation, Treasury supply and the outlook for global sovereign bonds
4 Jul 2024
With the focus shifting from interest rate cuts to the likelihood of rates staying higher for longer, Steve Ryder and Daniel Bright assess the possible outcomes and implications of higher rates and monetary policy divergence in debt markets.