Why active management will be crucial in protecting capital

The likely challenge over the next few years is likely to be to preserve, rather than seek higher returns on capital. This is particularly important given that global central banks are currently withdrawing monetary easing. We believe that active management will be crucial in this kind of market environment, particularly in the short-dated corporate credit space.

Michael Count

Michael Count

Senior Fund Manager, Fixed Income

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The case for global bonds amidst rising interest rates

In February, a surge in inflation expectations in the context of strong global growth, combined with central banks hinting at upcoming additional rate rises caused a spike in government bond yields globally. As a result, fixed income assets have been volatile, but have held up far better than equities. Why?

David Arnaud

David Arnaud

Senior Fund Manager, Fixed Income

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How has the credit market evolved over the last decade?

One of the major themes we have been talking to investors about recently has been the changes wrought since the onset of the global financial crisis a decade ago. It is often forgotten, for example, that interest rates in the UK stood at 5.50% at the end of 2007, that 10 year UK and Greek government bond yields were nigh on identical and that the Bank of England had a balance sheet of just £77 billion. But what did the sterling corporate bond market look like?

Michael Count

Michael Count

Senior Fund Manager, Fixed Income

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Hybrid corporates: a strong 2017

Outside of ‘vanilla’ fixed income securities – your standard corporate and government bonds – there exists a vast array of options for investors, most of which are little discussed. These range from relatively simple floating rate notes, to exotic products with various convertible or re-set features, which can be triggered in a number of scenarios. One area that has done particularly well in 2017 has been hybrid corporate bonds.

David Arnaud

David Arnaud

Senior Fund Manager, Fixed Income

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Why do we use other money market funds?

In the current regulatory environment, banks are being discouraged from taking overnight deposits. Therefore, as liquidity investors, it is necessary to explore as many alternative solutions as possible.

Steve Matthews

Steve Matthews

Fund Manager, Liquidity

Andy Head

Andy Head

Assistant Fund Manager

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