Leveraging our significant in-house credit research capability and the extensive experience across our investment team, we assess the fundamental credit risks of borrowers to identify attractive relative and absolute value opportunities where risk and pricing are mis-aligned. A focus on long-term performance, allows us to exercise conviction, whilst maintaining a considered approach to risk-management. Considering material environmental, social and governance (ESG) factors is as an integral part of our investment approach.
In public markets we cover government bonds, buy and maintain credit, investment grade and high yield corporate debt, multi-asset credit and emerging markets.
An enhanced-value approach to investment in UK government bonds, among the most liquid and highest quality debt markets in the world. This actively managed strategy seeks to deliver returns above the market benchmark through a deep understanding of relative valuations across the gilt yield curve.
This actively managed strategy seeks to deliver returns above the UK market benchmark through a deep understanding of relative valuations across the index-linked gilt yield curve. The UK is unique in the quality and diversity of its inflation-linked government bond market.
Without a set benchmark, these solutions allow our managers to seek corporate bonds that have cashflow-matching qualities across a broad range of sectors to meet the specific needs of a client. We positively select our initial holdings and build a portfolio around them, taking care to maintain quality.
The UK’s broad and deep investment grade bond market, one of the world’s most mature, offers highly-rated credits with typically higher returns than from UK government bonds. This strategy is actively managed against a market benchmark and seeks to add value through a fundamentally driven, “bottom-up”, value-based approach.
One of the world’s largest high-grade debt markets, European investment grade credit provides exposure to highly rated issuers with returns typically in excess of government bonds. This strategy is actively managed against a market benchmark and seeks to identify fundamental value in corporate and asset backed bonds with a focus on credit management while controlling currency, interest rate, and other macroeconomic risks.
Global high yield bond markets offer investors a dynamic and rapidly growing universe of sub-investment grade credit issued by a broad range of companies.
Our ESG-screened approach to global high yield corporate bonds offers diversified exposure to global sub-investment grade credit in US dollars, sterling, euro and other major global currencies, while aiming to deliver a portfolio with a higher ESG rating than that of the overall market.
This sub-investment grade credit is issued by a broad range of companies into the dynamic and rapidly growing European market. Returns offered are typically in excess of government and more highly rated corporate bonds, and the strategy is actively managed against a market benchmark, seeking to identify fundamental value in corporate and asset backed bonds.
This absolute return approach to credit investment aims to take advantage of highly diversified opportunities in public and private credit markets to find the best value with a high degree of flexibility. We hold floating-rate and fixed-rate bonds, whilst minimising interest risk with appropriate hedging, with the outcome of focusing on exposure to credit risk premia alone.
Investment in emerging market bonds offer an investor the potential for income and returns in excess of developed markets as well as the opportunity to diversify by issuer, country and currency.
This ESG screened approach focuses on corporate bonds issued in emerging markets worldwide, typically in hard currencies (primarily USD), while aiming to deliver a portfolio with a higher ESG rating than the overall market.
Also known as securitised debt, these public bonds are backed by a specified pool of underlying loans; typically, residential, or commercial mortgages, or personal loans issued by UK and European banks.