The LF Canlife Global Macro Bond Fund is a macro-focused fixed income fund that aims to provide income with the potential for long-term capital growth by investing in high quality government and investment grade corporate bonds from around the world.
Canada Life Investments possesses an experienced credit team, which follows a longstanding investment process. The team focus on fundamental credit research, covering bonds issued in sterling, euros, US dollars, Canadian dollars and Japanese yen. The Fund is co-managed by Senior Fund Manager, David Arnaud and Fund Manager, Kshitij ‘KJ’ Sinha.
David joined Canada Life Investments in 2006 as a credit analyst and was promoted to fund manager in October 2009. David's previous investment roles include working as an investment analyst at AGF Private Equity in Paris and as a credit analyst at Fortis Bank. He is a CFA charterholder. KJ joined Canada Life Investments in 2016 and also co-manages the LF Canlife Corporate Bond Fund. Prior to joining Canada Life Investments, KJ traded European investment grade and crossover corporates as a market maker at Morgan Stanley. He is a CFA charterholder.
Senior Fund Manager, Fixed Income
David joined Canada Life Investments in 2006 as a credit analyst and was promoted to fund manager in October 2009.
David's previous investment roles include working as an investment analyst at AGF Private Equity in Paris and as a credit analyst at Fortis Bank. David holds an MSc in Economics & Management and a Postgraduate diploma in Financial Engineering & Corporate Finance, both from Paris Dauphine University. He is a CFA charterholder.
Fund Manager, Fixed Income
Kshitij (KJ) joined Canada Life Investments in 2016 as a fund manager.
Prior to joining Canada Life Investments, KJ traded European investment grade and crossover corporates as a market maker at Morgan Stanley. KJ holds an MSc in Operational Research from the London School of Economics. He is a CFA charterholder.
The LF Canlife Global Macro Bond Fund is managed with the long term belief that asset prices are determined by enduring factors such as changes in interest rates, economic growth and the underlying fundamental strength of a company. The Fund reflects our global fixed income capabilities, enabling investors to benefit from a broad diversification across high quality government and investment grade corporate bonds, as well as currencies, countries, maturities and sectors.
David and KJ employ an active management style – combining both top-down and bottom-up investment decisions. A top-down process is used for setting interest rate and macroeconomic forecasts, coupled with a bottom-up approach for setting individual security exposures.
The Fund’s investment process is driven by a combination of macroeconomic factors such as views on global growth, inflation and interest rate movements, and thorough in-house credit analysis that enables David and KJ to identify the strengths and weaknesses of individual securities. This approach enables the managers to identify macro trends and investment opportunities, which they will implement as long as the valuation remains attractive versus alternative assets and historical trends.
The managers use the exposure of a typical global government bond index as a starting point and then seek to add value from both a top-down and bottom-up perspective. This is achieved via:
With regards to bottom-up selection, David and KJ draw on the company’s extensive in-house credit research capabilities, which helps them to form fundamental views on individual fixed income securities, as well as duration positioning and macroeconomic trends. A top-down process is used for setting interest rate and macroeconomic forecasts, which feeds into the Fund’s duration and currency exposures. Currency exposure is left unhedged, as we believe maintaining exposure to the most attractive currencies at any given time can substantially add to total return.
With its go-anywhere approach to the global fixed income market; the Fund aims to generate an attractive income from government and investment grade corporate bonds
CAPITAL GROWTH POTENTIAL
The Fund also represents a long-term investment solution that offers the prospect of sustainable growth, making it an attractive building block in a diversified investment portfolio
As a truly global bond fund, the LF Canlife Global Macro Bond Fund benefits from a broad diversification across government and corporate bonds, but also currencies, countries, maturities and sectors. This is important as currency can be an important driver of returns and its impact is often overlooked
DRAWING ON EXPERIENCE
The fixed income team at Canada Life Investments are able to draw on their long experience in managing fixed income assets, including conventional fixed income, index-linked gilts, corporate credit and global bonds
Past performance is not a guide to future performance. The value of investments may fall as well as rise and investors may not get back the amount invested. Income from investments may fluctuate. Currency fluctuations can also affect performance. Performance figures are on a bid to bid with net income reinvested basis. Valuations are based on the previous day's prices.
Interested in this fund and would like to find out more?
Contact our team who will be happy to answer any questions you may have about this fund.
+44 (0)20 7415 6546
INVESTOR SERVICES AND DEALING TEAM
T: 0345 606 6180 (Mon-Fri, 08:30 - 17:30)
Dealing: Select Option 1
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Fax: 0113 224 6001
Please note that calls may be recorded for training and monitoring purposes
CANADA LIFE INVESTMENTS HEAD OFFICE
T: +44 (0)20 7415 6546