Investment Grade Credits
Key points:
- Consistent alpha generation based on in-depth research and contrarian portfolio construction
- Process includes top-down market view and bottom-up issuer selection
- Sustainability research integral part of issuer selection to better assess downside risk
Philosophy
Credit markets often show signs of dislocation and typical benchmark thinking and institutional biases mean some investment opportunities are overlooked. We believe that we can discover and capture market inefficiencies in valuation, risk and reward by combining in-depth fundamental and ESG research with contrarian portfolio construction and strict risk control.
Process
Opportunities in investment grade corporate bonds from developed markets are combined with investments in other segments such as ‘fallen angels’, ‘rising stars’ and emerging market credits on a tactical basis. The research process combines a top-down market view to assess credit attractiveness and factors that drive credit markets in the short term with skillful issuer selection to create a broadly diversified portfolio. In this respect, avoiding losers is more important than always picking winners.
Team
A dedicated Credit team of more than 30 portfolio managers and research analysts with deep industry and company knowledge manages opportunities and risks.
