European Short Maturity Strategy
European Short Maturity Strategy

European Short Maturity Strategy

 
 
 
Summary

The European Short Maturity Strategy provides access to a diversified portfolio of high quality, Euro denominated fixed income securities. The strategy seeks to manage duration exposure to optimise the portfolio exposure to changes in interest rates. The strategy provides exposure to a broad array of issuer types beyond the realm of traditional liquidity funds. The team populate the portfolio with what they believe are the best ideas available within the short-dated Euro denominated, Investment Grade credit space.

 
 
Investment Approach
Philosophy

The team believe that the prolonged low yield environment presents a challenging backdrop to the short-term markets. Given negative yields on short dated investments, as well as on longer dated core European Government bonds, the team believe that investors should consider amending their investment parameters, to take on greater credit and duration risk, in order to help generate a positive return. The investment team believe their considered approach to investing in the European short-dated fixed income markets can provide investors with potentially higher return than a “traditional” short-dated solution, while seeking to preserve capital.

 
Differentiators
Active Approach:

The team’s rigorous investment process provides frameworks to assess value. The team actively manage the allocation between government and corporate bonds, as well as the overall duration of the portfolio.

Diversified Exposure:

The team populate the portfolio with what they believe are the best ideas within the short-dated Euro denominated, Investment Grade credit space.

Experienced Team:

The Global Fixed Income Team has managed the strategy for over 20 years.

 
 
 
Investment Process
1
Fundamental research:

The team adopt a rigorous, fundamental research based approach that comprises of top-down asset allocation and bottom-up security selection, in order to help maximize alpha generation across the opportunity set.  This active, disciplined and total return oriented investment process seeks to generate attractive returns throughout the entire market cycle. The team’s active approach provides the flexibility to take positions in both interest rates and currency. This allows the team to capitalise on additional market opportunities as and when they arise within the market.

2
Portfolio construction:

The portfolio is populated with a diversified range of securities across the maturity spectrum that includes Government, Corporate and Supranational bonds. The team actively manage the allocation between each segment of the investment universe (for example, the allocation between Government and Corporate Bonds), as well as the overall duration of the portfolio.  Portfolio construction remains entirely benchmark agnostic, the final portfolio reflects the team’s view of where the best opportunities in the market lie, and has no obligation to invest in areas of the benchmark that do not meet the team’s rigorous screening criteria.

3
Ongoing management:

Ongoing portfolio management remains a critical component of the investment process. The team seek to manage duration exposure (typically +/- 1 year relative to the Bloomberg Barclays Euro Aggregate: Treasury 1-3 Years Index) to optimise portfolio exposure to changes in interest rates. Furthermore, ongoing risk management ensures that portfolio risk is mitigated, and that no single risk dominates the entire portfolio.

 
 
Portfolio Managers
Managing Director
27 years industry experience
Managing Director
18 years industry experience
 
 
 
 

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