Our approach to short-dated bonds
Aviva Investors’ ReturnPlus Fund draws on a range of credit spread premia to optimise returns from strategic cash while mitigating risk and maintaining liquidity. The fund invests in liquid, short-maturity, highly rated fixed-income securities while hedging interest rate and currency risks. Our approach benefits from our extensive experience managing assets to meet clients’ liabilities and risk-based capital requirements to optimise return and capital efficiency.
Potential benefits of capital efficient short-dated bond funds
The strategy is structured to deliver better risk-adjusted returns than cash and a highly liquid exposure in a capital-efficient format.
Enhancing returns
Attractive investment for strategic cash assets.
Targeting Sonia1 +75bps, ESTR2 +50bps and SOFR3 +75bps p.a.*
Capital efficiency
Investments with low solvency capital charges.
Investing in high-quality, short-dated debt; keeping risk low using a variety of tools.
Liquidity
Allocating investments to highly liquid instruments.
Daily redemptions, settled T+3.
ReturnPlus strategy
Aviva Investors ReturnPlus Fund
The strategy targets a stable return over cash by investing in short-maturity, highly rated fixed income securities while mitigating risk and maintaining liquidity.
The case for ReturnPlus: A capital efficient enhanced liquidity strategy
A strategic cash allocation strategy seeking yield, liquidity and security, aiming to deliver a higher return than cash.

Bond Voyage: A journey into fixed income
Each month, our freewheeling fixed-income newsletter gathers insights from our high-yield, investment-grade, emerging-market and global sovereign bond teams.


Aviva Investors ReturnPlus: Strategy in brief
A holistic liquidity solution providing access to stable returns above cash in a liquid, diversified format.
Key risks of ReturnPlus fund
Investment risk & Currency 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 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), and as a result their prices can be volatile.
ReturnPlus team

Todd Cutting
Senior Portfolio Manager, Fixed Income Solutions

Rakesh Girdharlal
Head of Liability Driven Investment and Liquidity
Need more information?
For further information, please contact our investment sales team.
Explore our fixed income range
Fixed income views
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Complementing cash: Optimising cash in a rate-cutting cycle
11 Jun 2025
As many central banks begin cutting interest rates, short-term bond strategies can offer a complement to cash holdings. Alastair Sewell explains.
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Bond Voyage: A journey into fixed income
9 Jun 2025
In June, our credit teams look under the bonnet of the European industry’s growth engine.
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Money-market funds: An overview for corporate treasurers and investors
3 Jun 2025
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
Emerging-market debt has proved a rare bright spot so far this year as investors struggle to assess the impact of US political upheaval. In this article, Carmen Altenkirch and Nafez Zouk advance reasons why the market is well placed to weather ongoing market turbulence.
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Sovereign engagement: Driving positive change while delivering long-term value
14 May 2025
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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From tactical to strategic: How emerging-market hard currency debt fits in your fixed income portfolio
13 May 2025
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
6 May 2025
In May, our EMD team discusses the most effective way to manage fixed income through episodes of heightened uncertainty.
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Future proofing fixed income
16 Apr 2025
Advances in data analytics and AI-driven insights are changing the landscape in fixed income investing, and the pace of change in innovation and technological adoption is remarkable.
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Bond Voyage: A journey into fixed income
4 Apr 2025
This month, our fixed income teams discuss the drivers behind emerging and developed market convergence, what the US hybrid boom has in store, the continued popularity of money-market funds, and the ups and downs of high yield.
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Bond Voyage: A journey into fixed income
10 Mar 2025
This month, our fixed income teams discuss the boom in hybrid issuance and weigh up the risks and opportunities of potential tariffs, interest rate moves and fiscal dynamics.
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Bond investing: Five things to know about bonds
7 Mar 2025
In this article, we explain key concepts of bond investing, such as yield and duration, explore the role of bonds in investment portfolios and look at the current state of the bond markets.
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Bond Voyage: A journey into fixed income
10 Feb 2025
As we negotiate an uncertain landscape, our fixed income teams reflect on potential sources of resilience.
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Can credit hold firm in 2025? The outlook for investment grade credit and climate transition
24 Jan 2025
Credit spreads remained largely immune to turbulence in 2024 despite concerns for a reacceleration in inflation, an unprecedented scale of global elections and volatility on economic data and changing rate cut expectations. Where to in 2025?
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Liquidity outlook for 2025: Credit, yield, regulation, positioning – what to expect for the year ahead
22 Jan 2025
The conditions for investing in liquidity look broadly favourable for 2025, but that’s not to say it will be plain sailing.
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Bond Voyage: A journey into fixed income
13 Jan 2025
With a new US president poised to take office, central banks diverging and ongoing political uncertainty, how are the key fixed income asset classes positioned for the year ahead?
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Sovereigns’ state: Analysing the new challenges facing global sovereign bonds
13 Dec 2024
The expected policies of a Republican administration in the US bring added uncertainty to the global growth cycle. Steve Ryder and Daniel Bright examine the probable impacts of a world with more tariffs and political strains.
* Over a three-year rolling period, regardless of market conditions.
1 GBP Strategy Targetting Sterling Overnight Index Average, a widely used interest rate benchmark and reference rate for sterling overnight Indexed Swaps (OIS).
2 EUR Strategy Targetting Euro Short Term Rate, the alternative euro risk free rate and replacement for EONIA. ESTER will be published from October 2019.
3 USD Strategy Targetting Secured Overnight Financing Rate, the alternative USD risk-free rate and replacement for LIBOR.