Credit Chronicle
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.
Global
Justin Jewell
Portfolio Manager
About
Justin is Co-Head of Developed Markets Specialist Credit at Ninety One. He co-runs the Multi Asset credit funds and will focus on expanding Ninety One's Developed Market credit capabilities
Justin has extensive experience managing High Yield, Loan & Multi Asset Credit vehicles and leading a credit platform. Prior to joining the firm, Justin worked at RBC BlueBay where he was managing director and head of European HY. Before this, he was a partner and Co-Head Global Leveraged Finance at BlueBay.
Justin graduated with a BA in Economics from the London School of Economics and Political Science.
In the company since
2025
Years in the industry
23
More from Justin Jewell
Making sense of recent market moves
Amid a volatile geopolitical backdrop, risks relating to the US private market and AI disruption have driven big moves in credit markets this year. Co-head of Developed Market Credit, Justin Jewell, and Investment Director, Jared Cook, discuss these themes and consider how credit investors can navigate them.
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.
Picture this: in today’s credit markets, the real risks lurk in the shadows
Darpan Harar and Justin Jewell, Co-Heads of Multi Asset Credit, explain that while risks that built up post the Global Financial Crisis are beginning to surface in US private markets, credit quality has improved in the mainstream high-yield market. With recent market moves masking a divergent picture of risk exposure across mainstream credit markets, investors can capitalise on the sell-off and position themselves defensively.
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.
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.
Build up your core strength and stay flexible
The world’s largest credit markets are likely to face challenges this year, and the environment favours careful, bottom-up investing across a wide investment universe. Investors should combine core portfolio strength with the flexibility to pivot to attractive opportunities as they arise.
Credit Chronicle: Q3 2025
Multi Asset Credit Portfolio Managers Justin Jewell and Darpan Harar review how credit markets fared in the third quarter of the year and share the latest scorecards for the global credit universe.
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.
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.
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.
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.