Investing worldwide, we aim to achieve strong absolute returns within global, liquid credit markets regardless of wider fixed-income conditions.
Our global, multi-strategy, relative-value approach aims to generate risk-adjusted alpha.
Investing in long and short positions across a broad range of liquid securities.
Focussing on liquid bonds, credit default swaps and loans.
Not constrained by traditional corporate bond benchmarks, we can mitigate risk by investing across regions.
Our security selection driven by the same intensive, bottom-up analysis that underpins all of our credit strategies.
Skilled, integrated team whose principal members have worked together since 2004.
We apply the same global, relative-value approach to Absolute Return Credit that drives our high-yield and multi-strategy credit products. This strategy, however, is less concentrated, and through long and short positions we aim to provide a highly diversified and liquid portfolio that delivers consistent market-neutral returns.
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 to Absolute Return Credit, 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.
Fraser Lundie
CFA, Head of Hermes Credit and Lead Portfolio Manager
Fraser Lundie
CFA, Head of Hermes Credit and Lead Portfolio Manager
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Fraser joined the international business of Federated Hermes in February 2010 and is Head of Credit and lead manager on the range of credit strategies. Prior to this, he was at Fortis Investments, where he was responsible for European high yield credit. 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. He was 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 in 2015 Fraser was named as one of the top 10 star fund managers of tomorrow by the Daily Telegraph. In 2016, Citywire Americas named Fraser number one in their global high yield manager review, and InvestmentEurope and Investment Week both named the Federated Hermes Multi-Strategy Credit Fund top global bond fund at their respective 2017 Fund Manager of the Year Awards.
Vincent Benguigui
Portfolio Manager
Vincent Benguigui
Portfolio Manager
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Vincent joined the international business of Federated Hermes in 2013 and is 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 we 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 in Management from Dauphine University in Paris.
Nachu Chockalingam
CFA, Senior Credit Portfolio Manager
Nachu Chockalingam
CFA, Senior Credit Portfolio Manager
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Nachu joined the international business of Federated Hermes in March 2018 as a portfolio manager responsible for emerging market debt. 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 covering, firstly, European high yield and investment grade and then CEEMEA credit and was at the bank in London for 13 years. Nachu graduated from the London School of Economics with a degree in Economics and is a CFA charterholder.
