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Aiming to generate a high level of income by investing primarily in a diversified portfolio of high yield bonds.

Our disciplined and robust process, attention to risk management, independent research and integrated team approach are all vital components.

Fraser Lundie

Co-Head of Hermes Credit & Senior Credit Portfolio Manager

Investing worldwide

A global approach to exploit the globalisation of the high yield market.

Across the capital structure

By searching the capital structures of issuers for securities, we seek bonds and derivatives with superior relative value.

Selecting securities, not just issuers

Identifying outperforming securities is more important than picking issuers that simply pay back.

Experienced team

A skilled, integrated team whose principal members have worked together since 2004.

Investment approach

We believe that global, relative-value investing throughout the capital structures of issuers can deliver strong returns through the cycle.

Through top-down analysis, we determine our risk appetite and the return prospects of different regions and sectors. These findings direct our disciplined, bottom-up research, in which we seek exposure to issuers with attractive credit risks and aim to determine which securities in their capital structures provide superior relative value.

Our global approach, in which we invest throughout the US, Europe and the emerging markets, provides us with access to an expansive set of opportunities and sources of liquidity.

Investment process

We believe that global, relative-value investing throughout the capital structures of issuers can deliver strong returns through the cycle.

This requires a broad mandate. By investing worldwide, we are exposed to more opportunities to exploit differences in valuation and potential return, and can better manage liquidity risk. Our top-down analysis assesses the return prospects of different regions and sectors, and informs our bottom-up research of companies. We aim to identify attractive issuers and, crucially, determine which bonds and credit-default swaps in their capital structures provide superior relative value.


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Turkey’s election: a case for cautious optimism? Turkish parliamentary and presidential elections will take place this Sunday amid a febrile political and economic climate. In recent months, the country has been grappling with double-digit inflation, a pressured lira and fears over the independence of its central bank. As voters prepare to go to the polls, we assess the investment landscape in Turkey. Turkey is no stranger to political instability. On Sunday, Turks will go to the polls for the sixth time in four years, and for the second time under emergency law after President Recep Tayyip Erdogan brought forward the election by 18 months. The move, Erdogan said, reflects the country’s need to “overcome uncertainty”, but critics argue he wants to push through the vote before the country’s economic woes get materially worse. In Turkey, polls are quite unreliable, but for now it looks like Erdogan will win the presidential race. However, it is likely that his victory will only be sealed in the second round run-off, which will take place on 8 July, should no candidate receive an outright majority this weekend. The parliamentary election, however, looks too close to call. There is a risk that Erdogan’s ruling AK Party and the nationalist MHP party will not retain a parliamentary majority after Sunday’s vote. But success for the opposition will probably make it more difficult to pass much-needed fiscal and structural reforms. Such an outcome would cause more uncertainty for the country and investors, and increase the likelihood of further elections.

Sales Contacts

Michael Kalenberg, Director - Business Development, Institutional, Switzerland
Ksenia Kelly, Director - Business Development, Financial Institutions, Switzerland