Multi-Asset Credit Strategy

Aiming to help investors benefit fully from the varied opportunities presented by global credit markets.
Aiming to help investors benefit fully from the varied opportunities presented by global credit markets.

Strategy overview

The Strategy aims to generate long-term total returns by investing dynamically across global credit markets.
Key Features
  • Aims to capture the investment opportunities presented by structural inefficiencies in credit market pricing.
  • To target a smoother investment journey and competitive risk-adjusted performance, the investment team actively allocates across a broad credit opportunity set.
  • Dynamism is key in this strategy and is clearly evident in the variation of the strategy's asset allocation through time.
  • A varying combination of fundamentals, valuations and price behaviour (our 'Compelling Forces') drive credit markets. A continual analysis of these informs our investment decision-making.
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

Robust, bottom-up analysis by our global investment specialists determines how the Strategy invests across the investment universe.

02

Top-down considerations seek to ensure the overall portfolio is optimal in terms of its risk profile.

03

A combination of the level of our conviction in a position, market liquidity and valuation considerations determine individual position sizes.

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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 June 2020 unless otherwise stated.