Our disciplined and robust process, attention to risk management, independent research and integrated team approach are all vital to our performance
We search the capital structures of attractive issuers to determine which bonds and derivatives offer superior relative value.
To identify strong relative-value opportunities, security selection can be equally as important as issuer selection.
We assess the impacts of environmental, social and governance factors on instruments to manage risk – and to identify opportunities.
Principal members of the team have together generated impressive track records since 2004.
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.
Fraser Lundie, CFA
Head of Hermes Credit and Lead Portfolio Manager
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Fraser joined Hermes in February 2010 and is Head of Credit and lead manager on the Hermes 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. Having previously featured in Financial News’s ‘40 Under 40 Rising Stars of Asset Management’, an editorial selection of the brightest up-and-coming men and women in the industry, 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 Hermes Multi Strategy Credit Fund top global bond fund at their respective 2017 Fund Manager of the Year Awards.
Andrey Kuznetsov, CFA
Senior Portfolio Manager
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Andrey joined Hermes in January 2013 and is co-portfolio manager on Hermes' range of credit strategies. He joined Hermes from C-Quadrant Asset Management, where he managed the multi-strategy credit fund and generated investment ideas for a range of absolute return credit funds. Andrey holds an undergraduate degree in Economics from State University – Higher School of Economics in Moscow, where he majored in Financial Engineering and Mandarin Chinese, and a graduate degree from London Business School. Prior to moving to London he worked in various roles in Russia and China. Andrey has been selected to join the leadership team of Next Generation Fixed Income Portfolio Managers network, a CFA UK initiative to bring together the leading portfolio managers in the UK. Andrey is a native Russian speaker and CFA charterholder.
Vincent Benguigui
Portfolio Manager
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Vincent joined Hermes in 2013 and is portfolio manager responsible for short duration strategies and global risk management of Hermes Credit’s portfolios. He also oversees the implementation of non-linear trading strategies, with extensive use of derivatives products such as credit options and indices. Prior to Hermes he worked for 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.
