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 Fixed Income – Public Markets, Federated Hermes Limited
Fraser Lundie
CFA, Head of Fixed Income – Public Markets, Federated Hermes Limited
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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.
Vincent Benguigui
Senior Credit Portfolio Manager, Federated Hermes Limited
Vincent Benguigui
Senior Credit Portfolio Manager, Federated Hermes Limited
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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 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.
