Seeking diversification and attractive returns from high yield

At Aviva Investors, we have been investing in high yield debt for our clients for over 25 years. We manage USD$3.6 billion of assets (as of 31 May 2025) in Global High Yield and Short Duration Global High Yield strategies.

Our investment style is underpinned by a fundamentally driven approach and powered by advanced data analytics, aiming to deliver consistent outperformance throughout the market cycle. What sets us apart is our ability to integrate technology and maximise our resources by removing traditional asset class boundaries. 

Why invest?

As long-term fundamental investors, we have two broad aims: to exploit the inefficiencies in the global high yield market and to outperform through the market cycle using diversified sources of alpha and robust portfolio construction.

Our approach aims to deliver:

Diversified alpha

We seek to capture excess returns from across the full global high yield spectrum for maximised risk-adjusted returns.

Enhanced capital preservation

Our investing approach and framework is designed to enhance returns from high yield markets while withstanding market volatility.

Consistent performance

Our aim is consistency in returns through various credit cycles, through robust portfolio construction.

Investment philosophy

We believe income is the biggest driver of high yield returns. We combine deep bottom-up credit research with advanced data analytics, macro insights, and cross-capability collaboration to construct high-conviction, globally diversified portfolios with a focus on resilient, income-generating credit.

This disciplined, tech-enhanced approach enables us to navigate market cycles with consistency, preserve capital, and unlock diversified alpha across the full spectrum of global high yield.

Global and connected

Our global and connected approach enables us to identify opportunities across the entire high yield spectrum.

Resilience plus

We anchor portfolios in resilient, high conviction credits, guided by rigorous bottom-up analysis, allowing us to focus on quality and durability of income while tactically capturing capital appreciation opportunities. 

Robust portfolio construction

Our differentiated approach combines rigorous top-down and bottom-up analysis with advanced data analytics, using proprietary technology to build robust, high conviction portfolios

Find out about our fixed income capabilities

Investment insights

Investment thinking that brings together the collective insight of Aviva Investors’ teams from across the globe on the key themes influencing markets.

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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.

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Bond Voyage

House View

No one can predict the future. But our quarterly House View sets out the collective wisdom of our investment teams on the current state of global markets – and where they might be heading.

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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. Investors may not get back the original amount invested.

Credit & 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.

Derivatives risk

Investments can be made in derivatives, which can be complex and highly volatile. Derivatives may not perform as expected, meaning significant losses may be incurred.

Investor in funds

Investments can be made in other funds; this could mean the overall charges are higher.

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). As a result, their prices can be volatile.

Sustainability risk

The level of sustainability risk may fluctuate depending on which investment opportunities the Investment Manager identifies. This means that the fund is exposed to Sustainability Risk which may impact the value of investments over the long term.

High yield bond team

  • Fabrice Pellous

    Global Co-Head of High Yield

  • Pierre Ceyrac

    Senior High Yield Portfolio Manager

  • Roland Derks

    Global High Yield Portfolio Manager

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