Credit markets often show signs of dislocation and so typical benchmark thinking and institutional biases mean some investment opportunities are overlooked. Our objective is to capture these inefficiencies by combining in-depth fundamental and sustainability research with contrarian portfolio construction and strict risk control. We aim to deliver a solid financial performance with a portfolio of best-in-class euro denominated credits that is more sustainable than its benchmark.
The research process combines a top-down market view to assess credit attractiveness and factors that drive credit market returns in the short term with skillful issuer selection to create a broadly diversified portfolio. Sustainability is integrated into three stages of the investment process: the screening, where we exclude sustainability laggards from the investment universe; the bottom-up credit analysis, where we establish issuers’ ESG profiles; and the portfolio-construction stage, where we carry out transactions to optimize the portfolio’s environmental impact.
The Sustainable credits strategy selects the best-in-class sustainable issuers in close cooperation with RobecoSAM, the market leader in sustainability investing. Portfolio managers make investment decisions based on in-depth issuer analysis carried out by a highly experienced team of career credit analysts.
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