Fixed income

Recognised as one of Europe’s leading fixed income investors with one of the largest credit research teams, we have a long history of actively investing across both public and private markets. With a strong sense of partnership and collaboration, we support a culture of continued innovation as the needs of our clients evolve over time.

Research-driven approach

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.

Active gilts

This actively managed strategy seeks to deliver returns above the market benchmark through a deep understanding of relative valuations across the gilt yield curve.

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Index-linked gilts

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.

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Buy and maintain credit

This flexible, benchmark agnostic strategy invests in corporate bonds that display attractive value and credit quality designed to help investors match their cashflow requirements.

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Sterling investment grade

Investing in highly rated corporate credits, this strategy is actively managed against a market benchmark and seeks to add value through a fundamentally driven, ‘bottom-up’, value-based approach.

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European investment grade

This strategy is actively managed against a market benchmark and seeks to identify fundamental value in European corporate and asset backed bonds.

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Global high yield

An internationally focused strategy that offers diversified exposure to high yield corporate bonds in sterling, euro, and other major global currencies. 

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Global ESG high yield

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.

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European high yield

This actively managed strategy seeks to identify fundamental value in European corporate and asset-backed bonds. 

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Multi-asset credit

This absolute return credit strategy aims to take advantage of highly diversified opportunities in public and private credit markets with a high degree of flexibility to find the best value. 

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Emerging market bonds

Our flagship emerging market debt strategy offers diversified exposure to bonds issued by governments, government agencies or companies of emerging market nations in both local currencies and US dollars.

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Emerging markets corporate ESG bonds

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.

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Asset-backed securities (ABS)

We offer a range of strategies investing in the ABS market managed for different risk appetites, from AAA and high-grade portfolios and mandates to high yield and illiquid options.

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