Global Fixed Income Opportunities Strategy
Global Fixed Income Opportunities Strategy

Global Fixed Income Opportunities Strategy

 
 
 
Summary

The Global Fixed Income Opportunities Strategy seeks a high level of income by investing in a globally diversified portfolio of fixed income securities across a spectrum of asset classes including high yield bonds, investment-grade bonds, mortgage and asset-backed securities and convertibles. The strategy’s unconstrained approach provides the flexibility to allocate across these fixed income sectors and seek the best ideas through bottom-up security selection globally. The team seeks to construct a portfolio with less sensitivity to interest rate movements and the potential to capture positive returns across varying interest rate environments.

>50%
Typical Investment Grade Exposure
>50%
Typical USD Denominated Exposure
0-6
Typical Duration Band
 
 
Investment Approach
Philosophy

The investment team believes that markets can be inefficient and by performing rigorous analysis, the team can position portfolios appropriately to add value over time. Bond prices reflect market forecasts for a variety of factors, such as economic growth, inflation, monetary policy, credit risk, and prepayment risk; yet markets tend to be poor forecasters of future events, especially when the implied market forecasts are out of line relative to historic trends. They seek to identify these mispricings and position client portfolios to exploit the value inherent in these opportunities. 

The team believes that successful portfolio management depends on four factors:

  • Global Perspective
  • A Value-Driven Process
  • Diversified Holdings 
  • Deep Fundamental Research
 
Differentiators
Unconstrained:

The team's active approach provides not only flexible asset allocation between the sleeves of fixed income, but also the ability, via bottom-up security selection, to own what they believe are the best bonds in each segment while avoiding the idiosyncratic risks inherent in a passive approach. 

Interest Rate Management:

There’s a climate change taking place in bonds right now—the three-decade secular decline in interest rates appears to have ended—and it’s time to consider a shift from passive to active strategies. They believe that unconstrained management techniques enable them to better diversify risks and reduce exposures to movements in interest rates, which tend to be the primary source of return volatility.

Risk Mitigation:

A well-balanced portfolio with exposure to a diverse range of fixed income asset classes is an important start, but it’s not enough to ensure uncorrelated returns or appropriate diversification. The team believes that by managing risk at every stage of the process and paying close attention to the correlations between asset classes, the individuals risks within the portfolio can be blended optimally to decrease the overall risk of the portfolio and ensure no single risk dominates.

Right Sized:

Since the financial crisis, liquidity and inventories have been reduced due to stricter regulations. This restricts the ability for very large managers to hedge risks and limits their investment opportunities. The team believes a portfolio now needs to be “right-sized” to maximize investment-return opportunities.

 
 
 
Investment Process
1
Macro Analysis:

The team seeks to determine what themes are driving asset prices across rates, countries and currencies and to evaluate the investment opportunity set based on a thematic investment thesis. The top-down process uses a combination of fundamental and quantitative analysis to identify and evaluate these investment opportunities.

2
Asset Allocation:

The Asset Allocation team is led by Michael Kushma, the CIO of the Global Fixed Income team, and consists of the heads of each research group. The team seeks to identify areas where implied market forecasts are out of line relative to historic trends and to identify the catalyst for the market to adjust. Internal debate is a key feature of our investing philosophy, ensuring investment ideas are tested thoroughly. 

3
Research:

The team's approach to fixed income investing uses a disciplined investment process and a commitment to research. Research is conducted by dedicated teams specializing in a particular niche of the fixed income market. The research teams use in-depth fundamental analysis, complemented by quantitative tools, to generate bottom-up investment ideas and are responsible for security selection. 

4
Portfolio Construction and Risk Management:

Portfolio managers are responsible for implementing the investment strategies. They work to construct each portfolio in a way that conforms to individual client/strategy guidelines and objectives, while staying true to the broad strategy targets that are set by the Asset Allocation team. The portfolio managers seek to achieve these targets by working with the research analysts to fill the sector buckets with bottom-up security selection ideas. 

The team views risk management as an integral part of our investment process. Based on this belief, they seek to protect their portfolios against a variety of risks through diversification, credit risk protection, and liquidity with the goal that no single risk dominates the portfolio.

5
Trading:

All fixed income trades are executed by centralized Global Fixed Income trading desk. Central dealing segregates the trading function away from the decision making process, and allows the portfolio managers to focus on managing the portfolio. This procedural separation ensures that all accounts are structured according to the parameters established by the team.

 
 
Portfolio Managers
Chief Investment Officer of Global Fixed Income
30 years industry experience
Managing Director
31 years industry experience
Managing Director
26 years industry experience
Managing Director
27 years industry experience
 
 
 
 

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