Global High Yield Credit
A dynamic approach to global high yield
Reasons to invest
Strategy overview

Investing worldwide, we exploit differences in relative value throughout issuers’
capital structures aiming to outperform through the cycle.
Why Global High Yield Credit?
How we invest
Our investible universe is part of the $10tn global hard-currency debt market; it is the portion that the Credit team deems suitable for investment purposes. The investment process begins with the bi-monthly Credit Strategy Meeting (CSM), during which the team reviews various drivers of credit markets and assesses relative value to identify new investment opportunities. We define our overall risk appetite and produce scores that guide the portfolio manager on where to allocate risk across geographies, sectors, curve position and credit quality.
Fundamental and technical analysis determines the team’s investment view of each issue. We aim to identify issuers with attractive credit risks and, crucially, determine which securities in their capital structures provide superior relative value. Exploiting such opportunities is core to our approach.
The sustainable fixed income team generates its own sustainability scores. Each of these sustainability scores is factored into the ESG Score assigned for each issuer as part of our integrated ESG approach. We use a proprietary pricing model to capture the influence of ESG factors on credit spreads. This enables us to calculate the marginal price of the ESG risk for each issuer and anticipate changes in valuation.
Investment Philosophy
We believe that global, relative-value investing throughout the capital structures of debt issuers can deliver strong returns through the cycle.
Investment process

Team
Product Information
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