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 fund documents.
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 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
11 Mar 2024
In the latest instalment of our monthly series, our investment-grade, high-yield, emerging-market and global sovereign bond teams explore the key talking points in fixed income.
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Multi-asset allocation views: What’s behind Japan’s stock-market sugar rush?
8 Mar 2024
Following unsuccessful attempts in the past, the Japanese government’s structural reforms now seem to be bearing fruit. This has contributed to a record high on the Japanese stock-market, but is it sustainable?
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Too hot, too cold, or just right? The outlook for investment-grade credit
21 Feb 2024
Investment-grade credit has had an encouraging start to 2024 – but are these really “Goldilocks” conditions for the asset class? In their latest Q&A, James Vokins and Chris Higham from our credit team discuss opportunities and risks in this market.
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Bond Voyage: A journey into fixed income
7 Feb 2024
In the latest instalment of our monthly series, our investment-grade, high-yield, emerging-market and global sovereign bond teams look ahead to the key themes that are likely to shape fixed-income markets in 2024.
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The tide turns: The outlook for fixed income in 2024
31 Jan 2024
After a challenging period for fixed-income markets, conditions look to be right for a better year in bonds.
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Bond Voyage: A journey into fixed income
12 Jan 2024
In this new year instalment of our monthly series, our investment-grade, high-yield, emerging-market and global sovereign bond teams share their fixed-income resolutions.
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Rates, regulation and the dash for cash: The outlook for liquidity investors in 2024
10 Jan 2024
Alastair Sewell answers the seven key questions on the minds of liquidity investors heading into 2024.
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Bond Voyage: A journey into fixed income
12 Dec 2023
In this festive instalment of our monthly series, our investment-grade, high-yield, emerging-market and global sovereign bond teams share their thoughts on key topics from across the fixed-income universe.
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Another brick in the (maturity) wall: The outlook for global high yield
7 Dec 2023
The high-yield market is adjusting to a higher-for-longer interest rate environment, and some issuers may struggle to refinance due to rising borrowing costs. But there should be opportunities for discerning investors in 2024.
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The time to lead: Reforming multilateral development banks through a climate lens
28 Nov 2023
To have a chance of limiting global warming to less than two degrees, the world must unlock huge investments in emerging markets. This is prompting calls for the reform of multilateral development banks, but will this be enough?
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From cash rich to cash strapped? Why the US consumer boom could run out of road
24 Nov 2023
Our investment teams explain why buoyant US consumer spending will have to weaken eventually. That could pose problems for debt-laden consumer-facing companies.
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Bond Voyage: A journey into fixed income
10 Nov 2023
In the latest instalment of our new monthly series, our investment-grade, high-yield, emerging-market and global sovereign bond teams share their thoughts on key topics from across the fixed-income universe.
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Storm before the calm? Emerging-market debt investors eye peak in US rates
8 Nov 2023
Carmen Altenkirch and Nafez Zouk report back from the recent International Monetary Fund/ World Bank meetings in Marrakech on the implications for EMD investors.
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Softly does it? A Q&A with Peter Fitzgerald and Ian Pizer
24 Oct 2023
The managers of the AIMS Target Return strategy explain why the prospects for a range of asset classes suddenly look much brighter.
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From here to maturity: Is the high-yield market ready for lift off?
19 Oct 2023
Sunita Kara and Brent Finck argue it is more important than ever for investors to be selective when navigating the global high-yield landscape.
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Bond Voyage: A journey into fixed income
11 Oct 2023
In the first of a new monthly series, our investment-grade, high-yield, emerging-market and global sovereign bond teams share their thoughts on key topics from across the fixed-income universe.