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MULTI-STRATEGY CREDIT

Our best global credit investments, with a focus on the downside.

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By combining global, high-conviction credit selection with defensive trades, we aim to generate strong capital returns and an attractive level of income.

Fraser Lundie

Head of Credit

Truly global

We exploit opportunities across the ratings spectrum in the US, Europe and emerging markets.

Downside defence

We strive to shield our return-seeking positions using an array of trades with the potential to reduce losses.

High-conviction security selection

We seek robust capital returns and an attractive, consistent yield.

Quality income

Global, high-conviction, long-only positions balanced by defensive trades helps to achieve a high level income.

Experienced team

A skilled, integrated team whose principal members have worked together since 2004.

ESG integration

Propriety analytical tools and engagement help us ESG risks and deliver sustainable returns.

Investment approach

Exposure to the team’s best long-only credit investments, combined with strategies that defend against market volatility, should generate positive absolute returns through the cycle. In seeking to achieve this, the fund is split into two Multi-Strategy Credit buckets:

  • Best selection: high-conviction, long-only investments in corporate bonds, loans, convertible bonds and derivatives comprising two-thirds of the portfolio.
  • Defensive: a range of bearish strategies, accounting for one-third of the portfolio, that aim to defend against market falls.

Identifying outperforming credit investments requires a broad mandate. The team researches the US, Europe and the emerging markets to exploit differences in the valuation and return prospects of securities.
Crucially, this universe enables them to avoid chronically overvalued sectors and access better liquidity.

Finding a good credit name, however, is not enough. The team believes that security selection is equally as important as issuer selection, given the varying risks and return potential of different securities within each issuer’s capital structure. Exploiting such relative value is core to generating positive returns.

Defensive trades, which include outright short, curve and capital structure trades, aim to defend the portfolio’s performance in down markets.

Multi-Strategy Credit Team

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Related Insights

Weekly Credit Insight
While issuance for general corporate purposes should slow for the rest of the year, refinancing is likely to pick up.
Weekly Credit Insight: a tale of two high-yield credit markets
US and European credit-market performance diverged significantly in July.
360°: credit investing in the coronavirus era
What is our current view of fixed-income markets? And where do we see the best relative value?
Weekly Credit Insight: healthy flows into high-yield credit
As markets normalise, valuations are supporting a higher allocation to high-yield credit.

Sales Contacts

Clive Selman,
Head of UK Distribution
James Lucas,
Director - UK Institutional Business Development
Douglas Anderson,
Director - Consultant Relations
Kirsty Beasley,
Associate Director - Consultant Relations
Emmet Naughton,
Associate Director - Business Development
Lara Badgery,
Associate - Consultant Relations & UK Sales Support