By combining unconstrained credit, high-conviction credit selection with a hedge against adverse market conditions, we aim to maximise long-term total returns.
Unconstrained, high-conviction investment across the global liquid credit spectrum.
Capturing superior relative value throughout credit markets as investment conditions change.
Outsource credit-allocation decisions to a team of skilled, experienced global credit investors operating within a robust governance framework.
Alpha generation through issuer and security selection: sourcing high-conviction, bottom-up ideas globally and throughout corporate capital structures.
Optimal convexity through an options overlay: aiming to protect return-seeking investments from perceived market and macro risks.
ESG integration and engagement ensures responsibility is embedded in every investment decision.
Top-down oversight
Bottom-up skill
Downside defence
Full spectrumThere is plenty of evidence showing that poor environmental, social, and governance (ESG) behaviours can lead to the erosion of a firm’s enterprise value. This has implications for both equity and credit investors. As a result, our investment analysis has historically considered ESG risks alongside more traditional operating and financial risks. However, until now it has been challenging to price ESG risks in a similar way to these core credit risks. In order to analyse ESG risks with greater precision, we have developed a pricing model to capture the influence of these factors on credit instruments. Read more here.
Fraser Lundie
CFA, Head of Fixed Income – Public Markets, Federated Hermes Limited
Fraser Lundie
CFA, Head of Fixed Income – Public Markets, Federated Hermes Limited
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Fraser Lundie
CFA, Head of Fixed Income – Public Markets, Federated Hermes Limited
Fraser joined in February 2010 and is Head of Fixed Income – Public Markets and lead manager on the range of credit strategies. Based in London, he is responsible for leading the strategic development of the Credit platform and investment teams, offering solutions accessing all areas of the global credit markets. Prior to this, he was at Fortis Investments, where he was responsible for European High Yield. Fraser graduated from the University of Aberdeen with an MA (Hons) in Economics; he earned an MSc in Investment Analysis from the University of Stirling and is a CFA charterholder. In 2017, Fraser joined the board of CFA UK, a member society of the CFA Institute, where he also sits on their Sustainability Steering Committee, as well as the Professionalism Steering Committee overseeing the society’s advocacy and thought leadership work. He has previously featured in the Financial News’ ‘40 Under 40 Rising Stars of Asset Management’, an editorial selection of the brightest up-and-coming men and women in the industry, and was also named as one of the top 10 star fund managers of tomorrow by the Daily Telegraph. Other notable accolades have come from Citywire Americas, which named Fraser number one in their global high yield manager review, and InvestmentEurope and Investment Week, which both named the Federated Hermes Multi-Strategy Credit Fund top global bond fund at their respective 2017 Fund Manager of the Year Awards.
Andrew Lennox
Senior Portfolio Manager, Federated Hermes Limited
Andrew Lennox
Senior Portfolio Manager, Federated Hermes Limited
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Andrew Lennox
Senior Portfolio Manager, Federated Hermes Limited
Andrew joined in April 2018 and has 20 years’ experience working in financial services, of which 15 years has been in managing structured finance as a portfolio manager. In his role, he is responsible for structured credit investments across multi-asset credit portfolios. Since joining, he has built an investment process for structured credit that integrates an ESG focus in every investment decision and has worked with external parties, including rating agencies, on furthering ESG in the asset class. Prior to joining, Andrew was most recently the lead portfolio manager for European ABS at BlackRock, where he grew the business by over $1bn to manage more than $5bn of investment-grade and sub investment-grade assets across portfolios, including multi-asset fixed income products, for a wide range of institutional clients, including global insurance companies and pension funds. Prior to BlackRock, Andrew was the lead portfolio manager for ABS at ECM (European Credit Management, now part of Wells Fargo Asset Management) where he managed a team of specialists managing dedicated structured credit funds and allocations within wider multi-asset credit funds. Andrew started his career in financial services at Goldman Sachs in London where he worked alongside the European and emerging markets equities trading desks. He holds an MA in Modern and Medieval Languages from Cambridge University.
Vincent Benguigui
Senior Credit Portfolio Manager, Federated Hermes Limited
Vincent Benguigui
Senior Credit Portfolio Manager, Federated Hermes Limited
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Vincent Benguigui
Senior Credit Portfolio Manager, Federated Hermes Limited
Vincent joined in 2013 and is a senior credit portfolio manager responsible for short duration strategies and global risk management for the credit portfolios. He also oversees the implementation of non-linear trading strategies, with extensive use of derivatives products such as credit options and indices. He joined from Scor Global Investments in Paris, where he was credit analyst across European high yield. Vincent holds a Master’s degree in Banking and Finance with Honours from Pantheon-Assas University in Paris, as well as a Bachelor’s in Management from Dauphine University in Paris.
Nachu Chockalingam
CFA, Senior Credit Portfolio Manager, Federated Hermes Limited
Nachu Chockalingam
CFA, Senior Credit Portfolio Manager, Federated Hermes Limited
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Nachu Chockalingam
CFA, Senior Credit Portfolio Manager, Federated Hermes Limited
Nachu joined in March 2018 as a portfolio manager within the Credit team. She is co-portfolio manager of the SDG Engagement High Yield Credit strategy and the Climate Change High Yield strategy, as well as the sustainable portfolio manager for our range of flexible credit strategies. She joined from Ontario Teachers’ Pension Plan, where she was a portfolio manager responsible for the plan’s active investments in emerging markets and European credit. Nachu started her career at JPMorgan in London as a sell-side analyst where she spent 13 years covering, firstly, European high yield and investment grade and then CEEMEA credit. Nachu graduated from the London School of Economics with a degree in Economics and is a CFA charterholder.
