Multi-Asset Credit

A strategy that provides access to complex credit markets through a dynamically managed, globally diversified ‘best ideas’* portfolio.
A strategy that provides access to complex credit markets through a dynamically managed, globally diversified ‘best ideas’* portfolio.

Strategy overview

The Strategy aims to generate long term total returns, comprising income and capital gains, by investing primarily in a diversified portfolio of fixed and floating rate credit securities, loans and related derivatives.

Key Features
  • A global, bottom-up driven unconstrained portfolio investing across the credit spectrum
  • Dynamic and disciplined screening identifies wide range of opportunities
  • Careful security selection and rigorous risk management process built around our proprietary ‘Compelling Forces’TM investment framework
  • Regionally and benchmark agnostic, one globally integrated team operating as a coherent unit
Our dynamism differentiates us. Our aim is to help investors capture the full diversification benefits that global credit markets have to offer.
Jeff Boswell
Garland Hansmann
Tim Schwarz

Investment Approach

01

We believe credit investors are significantly influenced by behavioural biases which can lead to structural inefficiencies in credit pricing.

02

The asymmetric return profile of credit means that avoiding the permanent loss of capital is key. We believe this can be achieved through targeting bonds of enduring businesses.

03

Understanding that credit market cycles are driven by fundamentals, valuations and market price behaviour (our ‘Compelling ForcesTM’), often in unequal measures, is essential in exploiting these inefficiencies.

04

The investment team is as important as the process.

05

Objective screening and a truly global approach help us exploit market inefficiencies and build better portfolios.

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General risks:

The value of investments, and any income generated from them, can fall as well as rise. Investment objectives and performance targets are subject to change and may not necessarily be achieved, losses may be made.

Specific Risks:

Default: There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss. Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss. Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise. Liquidity: There may be insufficient buyers or sellers of particular investments giving rise to delays in trading and being able to make settlements, and/or large fluctuations in value. This may lead to larger financial losses than might be anticipated. Loans: The specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan’s value. Many loans are not actively traded, which may impair the ability of the Portfolio to realise full value in the event of the need to liquidate such assets.

Important information

All information is as at 30 March 2020 unless otherwise stated.

*‘Best Ideas’ represents our highest conviction ideas following fundamental analysis.