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Investment Grade Credits

Investment Grade Credits

In-depth fundamental credit research backs up our contrarian style

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.

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Team

A dedicated Credit team of more than 30 portfolio managers and research analysts with deep industry and company knowledge manages opportunities and risks.

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Disclaimer

BY CLICKING ON “I AGREE”, I DECLARE I AM A WHOLESALE CLIENT AS DEFINED IN THE CORPORATIONS ACT 2001.

What is a Wholesale Client?
A person or entity is a “wholesale client” if they satisfy the requirements of section 761G of the Corporations Act.
This commonly includes a person or entity:

  • who holds an Australian Financial Services License
  • who has or controls at least $10 million (and may include funds held by an associate or under a trust that the person manages)
  • that is a body regulated by APRA other than a trustee of:
    (i) a superannuation fund;
    (ii) an approved deposit fund;
    (iii) a pooled superannuation trust; or
    (iv) a public sector superannuation scheme.
    within the meaning of the Superannuation Industry (Supervision) Act 1993
  • that is a body registered under the Financial Corporations Act 1974.
  • that is a trustee of:
    (i) a superannuation fund; or
    (ii) an approved deposit fund; or
    (iii) a pooled superannuation trust; or
    (iv) a public sector superannuation scheme
    within the meaning of the Superannuation Industry (Supervision) Act 1993 and the fund, trust or scheme has net assets of at least $10 million.
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  • that is an exempt public authority
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  • that is a foreign entity which, if established or incorporated in Australia, would be covered by one of the preceding paragraphs.
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