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Audience

Our investment philosophy

Our investment philosophy is based on our belief that markets are routinely driven away from fair value by such factors as greed, panic, investing restrictions and forced selling. As a result, a patient investor with a good understanding of fundamental value can take advantage of these situations to acquire assets when they are cheap and avoid those that appear expensive. We believe that assets tend to move toward fair value over the medium term as the impact of short-term technical factors recedes.  

The heart of our investment approach is our ability to assess, in real depth, the fundamental creditworthiness of issuers. These credit assessments, researched by our well-resourced and highly experienced analyst team, allow our fund managers to identify relative and absolute value in the credit market. Access to a team of analysts that has the capability to independently research and rate all stocks in the investment universe is vital to our success.

We employ what we believe to be one of the largest, most experienced credit research teams in Europe and have a long history of providing attractive fixed income opportunities to our institutional clients.

Benefits of scale

Managing £255bn* of assets, of which £155bn* is in fixed income, makes us a very sizeable long-term credit investor, giving us the scale and access to research companies and markets in detail. We are able to engage with senior company management teams, and we take our fiduciary responsibilities very seriously.

The scope and quality of our research teams enable our industry-leading portfolio managers to act decisively to construct portfolios to meet our clients’ expectations.

A diversified approach to risk taking

How do we mitigate against potential defaults? We attempt to do so through detailed credit analysis, diversification and strong risk management. In addition, we have a dedicated team of restructuring specialists who can step in when a security becomes distressed.

Our ability to understand an investor’s need to achieve the right balance between risk and reward when managing their portfolio is key to our business.

Most importantly, we do not take on risk unless we believe we will be adequately compensated for doing so.

*As at 30 June 2016.

Past performance is not a guide to future performance.

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