Our Credit Strategies
The team of four Portfolio Managers are responsible for the management of two long-term credit strategies managed on an unconstrained basis. There have been no employee departures from the team since its inception in 2006.
- The Global High Yield strategy was launched in 2006 by Chief Portfolio Manager, Klaus Blaabjerg.
- The Emerging Markets Debt strategy was launched in 2010 by the team.
A VALUE BIASED APPROACH TO GLOBAL CREDIT MARKETS
While value as an investing style is well known in equities, it remains an uncommon approach in fixed income markets. Historically, the team has been able to identify bonds that are undervalued compared to their fair value due to investor’s biases (both technical and fundamental) while avoiding bonds which have deteriorating credit metrics.
Our investment style can be summarised as follows:
- Value biased approach to global credit markets
- Invest without reference to an index (unconstrained)
- Zero weight areas of the market which we think are unattractive
- Prefer to buy out-of-favour bonds on an improving trend
- Invest with conviction (75-125 positions)
- Provide exposure to mid/smaller issuers when appropriately priced
The strategy aims to deliver excess return from credit selection by exploiting mispricings across the entire market.