Multi-asset credit update: preparing for potential changes in the fixed income environment
11 min read 29 Oct 21
In the following multi-asset credit update, senior portfolio manager Richard Ryan discusses how he has positioned his portfolios in recent periods and explores potential future scenarios that could arise. Highlights include:
- How the portfolios’ ‘barbell’ approach combines liquid, defensive assets with short-dated and high yield debt to provide running income
- High yield opportunities, including fallen angels and other candidates for credit rating upgrades, as well as callable high yield bonds
- How we would look to position the portfolios depending on the direction and speed of travel of spreads from here
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