Asian Fixed Income Opportunities Strategy
Asian Fixed Income Opportunities Strategy

Asian Fixed Income Opportunities Strategy


The Asian Fixed Income Opportunities Strategy seeks to provide access to the full spectrum of Asian ex-Japan fixed income, selecting investment opportunities across hard and local currency, sovereign and corporate debt. The team invests with no sector limitations, utilizing an approach that combines top-down macro assessment with rigorous fundamental analysis to identify the best investment ideas in each segment of the market.

0-6 years
Typical Duration
Typical Yield to Maturity
Max 50%
Non-U.S. Dollar-Denominated Exposure
Investment Approach

The investment team believes that in the long run, value prevails and research wins. Hence, an active and flexible approach is the best way to invest. Central to the team’s investment philosophy is a structure that allows the team to:

Think Globally




Asset allocation benefits

The team analyses regional and macro themes, country fundamentals and rate, currency and credit dynamics to generate broad investment targets.

Deep research

The team has a thorough process to help identify the best individual investments in each segment of the market.

Experienced team

Our experienced Emerging Markets Debt team provides extensive research and analysis of the Asian fixed income markets. This is supported by the broader knowledge and experience of the Global Fixed Income Team.

Investment Process
Macro analysis

The process begins with a top-down, value assessment of the global fixed income universe, with specific focus on the Asia ex-Japan region. The team seeks to identify the themes driving asset prices across countries, credit, rates, and currencies which, in turn, drives the asset allocation process. The team seeks first to identify areas where implied market forecasts are out of line relative to historic trends and secondly, to identify what the catalyst will be for the market to adjust, and for the sector to re-value.

Asset allocation

Following this assessment the team sets the overall investment direction of the portfolio, and sector positions. The asset allocation process is an integral part of the investment process which allows the team to capture the breath of opportunities within the Asian ex-Japan fixed income markets. This enables the team to build diversified portfolios, one of the four key principles of the team’s investment philosophy and fundamental to the ethos of the Asian Fixed Income Opportunities Strategy.

Security selection

Research is conducted by dedicated economists and analysts that specialize in the Asia credit, rates, and currency universe. This process is supported by additional macro and credit specialists from the Global Fixed Income Team. Portfolio Managers then work with the research analysts to implement these ideas across fixed income portfolios, in accordance with each portfolio’s objectives and guidelines.

Portfolio construction

The team uses a Positioning & Sizing framework that takes into consideration the total return potential of investment alternatives, the volatility of returns and correlation of such potential positions to assess risk, and a conviction factor about the return/risk trade-off based on a comprehensive review of event risk (including near-term political factors) and the market technicals such as planned issuance, investors’ positioning, and outlook for asset class flows.

Risk management

Risk management is integrated throughout the team’s investment process. An independent team also monitors portfolio adherence to guidelines, overall risk levels, and composition.

Portfolio Managers
Managing Director
23 years industry experience
Chief Investment Officer of Global Fixed Income
30 years industry experience
Managing Director
24 years industry experience
Executive Director
14 years industry experience
Global Fixed Income Insights
Emerging Markets: Don't Judge a Book by its Aggregates
May 21, 2018
The Emerging Markets Debt Team addresses some of economist Carmen Reinhart's recent statements as well as other popular misconceptions about emerging markets.
Global Fixed Income Bulletin
Is the Stress Systemic or Idiosyncratic?
Sep 17, 2018
The Global Fixed Income team discusses if the stresses which affected the markets in August were predominantly idiosyncratic or if there are more sinister systemic issues at work.
Global Fixed Income Bulletin
The Macro Trends Which Matter
Aug 15, 2018
The Global Fixed Income team discusses that there comes a time when valuations get stretched too far and how volatility may be poised to pick up.