A global, diversified strategy seeking to maximise total return through all stages of the economic and credit cycles, while trying to hedge unwanted and unrewarded interest rate and currency risks.
Why now?
With credit spreads near historically tight levels, today’s market demands a selective and flexible approach.
Uncertain environments
Patience and selectivity are crucial as market conditions evolve.
Flexibility to find value
Identify value across the global credit spectrum.
Income with resilience
Combines yield potential with high-quality credit.
Our approach to Total Return Credit Investment
Flexible, diversified and high-quality credit portfolio
Differentiated, total return approach with zero duration target
A repeatable and consistent investment process
- Flexibility to invest in a broad range of credit assets: investment grade corporate bonds, high yield corporate bonds (up to 50%), structured credit
- Diversified portfolio of 500+ high-quality bonds across regions and sectors, with a strong focus on European credit
- Focusing solely on bottom-up credit selection to deliver returns and add value through active management
- 100% duration-hedged target, aiming to mitigate interest rate volatility, ideal for uncertain macro environments
- A cash + 3-5% performance target over a market cycle
- Richard Ryan, lead portfolio manager since strategy’s inception, brings 24 years of experience
- One of the largest and most experienced fundamental credit research teams in Europe, with over 50 credit analysts
Source: M&G, May 2025. The views expressed in this document should not be taken as a recommendation, advice or forecast.
“Our approach to credit works through the cycle. It is not dependent on market liquidity and can be especially effective, particularly when the market experiences episodes of volatility, illiquidity, fear, panic or turmoil.”
Richard Ryan
Fund manager
Investments involve risks and may not be suitable for all investors. Past performance is not indicative of future results. The value of investments may go up or down and is not guaranteed. You may not recover the full amount you invested. The views expressed in this document should not be taken as a recommendation, advice or forecast. If you are in any doubt about the contents of this document, you should seek independent professional advice.