Fixed Income

Picture this: Higher yields ≠ higher returns

Since the start of this year, the highest-yielding (riskiest) parts of the global high-yield market have underperformed. Rather than compromising on risk, investors should find different ways to meet their objectives.

Tipping point: a turn in the US dollar cycle and what it means for emerging market debt

After more than a decade of US dollar dominance, the currency’s extraordinary rally may finally be peaking. For EM debt investors, a weaker dollar could mark a long-awaited shift from headwind to tailwind.

Reframing fixed income: the old rules are no longer fixed

Peter Kent, Co-Head of Fixed Income, argues bond markets are in a new regime – ‘safe havens’ are no longer acting as such, and investors can no longer expect asset classes to behave as they have done historically. As a result, asset allocation approaches need a reboot, and portfolio diversification has never been such a virtue.

Tapping into the global energy transition

Portfolio Manager Matt Christ explains how investments in EM private credit offer both compelling return potential and the chance to make a meaningful contribution to global climate goals.

Credit Chronicle: Q1 2026

Our credit experts review how credit markets fared in the first quarter of the year and share the latest scorecards for the global credit universe.

Picture this: in today’s credit markets, the real risks lurk in the shadows

Recent news headlines have driven up scrutiny of private credit market risks and sparked a sell-off in mainstream public credit markets. But market moves mask a divergent picture of risk exposure. Our Multi Asset Credit team explains how credit investors can navigate the risks and take advantage of attractive valuations.

Private debt: hidden strengths in emerging markets

Pressure is building in US private debt as weaker underwriting standards, rising defaults and AI-disruption risks combine to create a perfect storm. In contrast, investors in emerging markets can access asset-heavy borrowers, in deal structures that offer higher senior-secured yields and stronger protections.

Credit investing in a higher-risk private market regime

Concerns around risk in private markets have prompted a reassessment of the asset class and driven a sell-off across developed credit markets. Yet significant differences in underlying risk mean active investors can find shelter, quality and value in the broader public credit market.

A different perspective on high-yield markets

Reflecting on recent developments in the high-yield corporate debt market, Ellie Clapton and Darpan Harar provide pointers on how to identify the most attractive investment opportunities.

Credit Chronicle: Q4 2025

Our credit experts review how credit markets fared in the fourth quarter of the year and share the latest scorecards for the global credit universe.

An abundance of untapped opportunities

Structural growth drivers remain strong in this increasingly relevant – and in focus – part of the global private credit market. In addition, developments in the renewable energy sector and AI are giving rise to a new cohort of investment opportunities. The deal pipeline continues to expand across the EM universe.

Picture this: AI issuance is the big issue in credit

The surge of artificial intelligence is making its mark across financial markets. While runaway valuations – driven by a handful of tech companies – are the main focus in equities, an uptick in tech-sector issuance is the big issue in credit markets and it’s redrawing the investment landscape.

Credit Chronicle: Q3 2025

Our credit experts review how credit markets fared in the third quarter of the year and share the latest scorecards for the global credit universe.

Picture this: short-sightedness in a mainstream credit market

Investors in investment-grade bonds have focused purely on yields in recent years, looking past historically tight credit spreads. With yields now falling, the market’s allure could fade, and investors might be in for a bumpy ride.

The shrinking upside in the dollar story

Our research offers three reasons why the dollar’s upside is limited, while the balance of risks increasingly point lower.

Right place, right time: EM local currency debt today

With global portfolios in flux, EM local currency debt deserves a second look. A decade-long structural evolution has reshaped the market and enhanced its investment appeal.

Credit Chronicle: Q2 2025

Our credit experts review how credit markets fared in the second quarter of the year and share the latest scorecards for the global credit universe.

Rethinking defence in credit markets

In a world of tightening spreads, shifting policies, and rising geopolitical tension, credit investors face increasing uncertainty. Ninety One’s co-head of Developed Market Credit, Justin Jewell, and Investment Director Ellie Clapton explore how geographic flexibility and selective positioning are key to navigating today’s evolving market conditions.

5 minutes

The unstoppable dollar meets the immovable Mr Trump

Dollar cycles are longer than others because four self-reinforcing forces create inertia. They rarely reverse unless all four turn at once. Trump-era policies, fiscal strain and shifting global capital could trigger such a convergence.

Beyond the one-way trade

For years, capital has gravitated to the US.  A one-way trade powered by tech dominance and economic heft. But as the world tilts on its axis, the next cycle is unlikely to resemble the last, and the investment map is beginning to redraw itself.

Picture this: Higher yields ≠ higher returns

Since the start of this year, the highest-yielding (riskiest) parts of the global high-yield market have underperformed. Rather than compromising on risk, investors should find different ways to meet their objectives.

Tipping point: a turn in the US dollar cycle and what it means for emerging market debt

After more than a decade of US dollar dominance, the currency’s extraordinary rally may finally be peaking. For EM debt investors, a weaker dollar could mark a long-awaited shift from headwind to tailwind.

Reframing fixed income: the old rules are no longer fixed

Peter Kent, Co-Head of Fixed Income, argues bond markets are in a new regime – ‘safe havens’ are no longer acting as such, and investors can no longer expect asset classes to behave as they have done historically. As a result, asset allocation approaches need a reboot, and portfolio diversification has never been such a virtue.

Tapping into the global energy transition

Portfolio Manager Matt Christ explains how investments in EM private credit offer both compelling return potential and the chance to make a meaningful contribution to global climate goals.

Credit Chronicle: Q1 2026

Our credit experts review how credit markets fared in the first quarter of the year and share the latest scorecards for the global credit universe.

Picture this: in today’s credit markets, the real risks lurk in the shadows

Recent news headlines have driven up scrutiny of private credit market risks and sparked a sell-off in mainstream public credit markets. But market moves mask a divergent picture of risk exposure. Our Multi Asset Credit team explains how credit investors can navigate the risks and take advantage of attractive valuations.

Private debt: hidden strengths in emerging markets

Pressure is building in US private debt as weaker underwriting standards, rising defaults and AI-disruption risks combine to create a perfect storm. In contrast, investors in emerging markets can access asset-heavy borrowers, in deal structures that offer higher senior-secured yields and stronger protections.

Credit investing in a higher-risk private market regime

Concerns around risk in private markets have prompted a reassessment of the asset class and driven a sell-off across developed credit markets. Yet significant differences in underlying risk mean active investors can find shelter, quality and value in the broader public credit market.

A different perspective on high-yield markets

Reflecting on recent developments in the high-yield corporate debt market, Ellie Clapton and Darpan Harar provide pointers on how to identify the most attractive investment opportunities.

Credit Chronicle: Q4 2025

Our credit experts review how credit markets fared in the fourth quarter of the year and share the latest scorecards for the global credit universe.

An abundance of untapped opportunities

Structural growth drivers remain strong in this increasingly relevant – and in focus – part of the global private credit market. In addition, developments in the renewable energy sector and AI are giving rise to a new cohort of investment opportunities. The deal pipeline continues to expand across the EM universe.

Picture this: AI issuance is the big issue in credit

The surge of artificial intelligence is making its mark across financial markets. While runaway valuations – driven by a handful of tech companies – are the main focus in equities, an uptick in tech-sector issuance is the big issue in credit markets and it’s redrawing the investment landscape.

Credit Chronicle: Q3 2025

Our credit experts review how credit markets fared in the third quarter of the year and share the latest scorecards for the global credit universe.

Picture this: short-sightedness in a mainstream credit market

Investors in investment-grade bonds have focused purely on yields in recent years, looking past historically tight credit spreads. With yields now falling, the market’s allure could fade, and investors might be in for a bumpy ride.

The shrinking upside in the dollar story

Our research offers three reasons why the dollar’s upside is limited, while the balance of risks increasingly point lower.

Right place, right time: EM local currency debt today

With global portfolios in flux, EM local currency debt deserves a second look. A decade-long structural evolution has reshaped the market and enhanced its investment appeal.

Credit Chronicle: Q2 2025

Our credit experts review how credit markets fared in the second quarter of the year and share the latest scorecards for the global credit universe.

Rethinking defence in credit markets

In a world of tightening spreads, shifting policies, and rising geopolitical tension, credit investors face increasing uncertainty. Ninety One’s co-head of Developed Market Credit, Justin Jewell, and Investment Director Ellie Clapton explore how geographic flexibility and selective positioning are key to navigating today’s evolving market conditions.

5 minutes

The unstoppable dollar meets the immovable Mr Trump

Dollar cycles are longer than others because four self-reinforcing forces create inertia. They rarely reverse unless all four turn at once. Trump-era policies, fiscal strain and shifting global capital could trigger such a convergence.

Beyond the one-way trade

For years, capital has gravitated to the US.  A one-way trade powered by tech dominance and economic heft. But as the world tilts on its axis, the next cycle is unlikely to resemble the last, and the investment map is beginning to redraw itself.

Picture this: Higher yields ≠ higher returns

Since the start of this year, the highest-yielding (riskiest) parts of the global high-yield market have underperformed. Rather than compromising on risk, investors should find different ways to meet their objectives.

Tipping point: a turn in the US dollar cycle and what it means for emerging market debt

After more than a decade of US dollar dominance, the currency’s extraordinary rally may finally be peaking. For EM debt investors, a weaker dollar could mark a long-awaited shift from headwind to tailwind.

Reframing fixed income: the old rules are no longer fixed

Peter Kent, Co-Head of Fixed Income, argues bond markets are in a new regime – ‘safe havens’ are no longer acting as such, and investors can no longer expect asset classes to behave as they have done historically. As a result, asset allocation approaches need a reboot, and portfolio diversification has never been such a virtue.

Tapping into the global energy transition

Portfolio Manager Matt Christ explains how investments in EM private credit offer both compelling return potential and the chance to make a meaningful contribution to global climate goals.

Fixed Income

Active managers with the experience, specialist expertise and breadth of skills needed in this diverse investment universe.

Fixed income is a broad and diverse universe that has much to offer today’s investors.

Related content

Deliberating EM debt

Differentiated Fixed Income and Credit – latest insights

Credit Chronicle: Q1 2026

Picture this: in today’s credit markets, the real risks lurk in the shadows

Private debt: hidden strengths in emerging markets

Credit investing in a higher-risk private market regime