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Aggregate Fixed Income

Aggregate Fixed Income

Fundamentally managed fixed income strategy with a contrarian style

Key points:

  • Portfolio managers have flexibility to exploit opportunities across the global fixed income universe
  • ESG is integrated in our approach to country and issuer selection
  • Research drives our investment themes and views

Philosophy

Bond markets are inefficient. We have the capability and process in place to identify and exploit these inefficiencies over the market cycle, by adopting a contrarian approach to markets with a focus on value.

Fixed Income markets are segmented as a result of various factors, including mandate restrictions across investor types and organizational rigidities. This can lead to dislocations and changes in relationships between segments. Our flexible strategy can choose from a palette of opportunities and transcend many of these artificial market barriers, both at a regional and asset class level.

Process

The strategy’s investment process consists of four steps.

Step 1: Quarterly outlooks. We gather fundamental input, analyze major economies and place this in a cyclical context, looking at interest rate and credit spread cycles.

Step 2: Portfolio construction & optimization. We discuss and establish where we believe different fixed income segments are in a cyclical framework. This forms the foundation for our strategic fixed income asset allocation positions.

Step 3: Risk management. We manage overall portfolio risks on an ongoing basis.

Step 4: Implementation. We support our portfolio managers with our experienced portfolio engineering and trading team for the purpose of portfolio implementation, allowing them to focus on new opportunities.

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Team

The portfolio managers are responsible for the overall positioning of the strategy, including cross-asset allocation within the fixed income universe, duration management, yield curve, and country and currency positioning. The portfolio managers are part of the Global Macro team, which consists of very experienced portfolio managers, economists, strategists and macro analysts.

Get in touch with us

Contact us if you would like to know more about this strategy.

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Disclaimer

The information contained in the website is solely intended for professional investors. Some funds shown on this website fall outside the scope of the Dutch Act on the Financial Supervision (Wet op het financieel toezicht) and therefore do not (need to) have a license from the Authority for the Financial Markets (AFM).

The funds shown on this website may not be available in your country. Please select your country website (top right corner) to view the products that are available in your country.

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