• High yield beta
• US, Europe, global
• US short duration
Efficient beta plus
• Global investment grade corporate
beta plus
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Providing broad, diversified beta that aims to avoid the significant performance drag and high tracking error common in these markets. It can serve as a standalone strategy or as the core exposure to allow active managers to focus on delivering alpha.
For emerging market debt, the strategy provides exposure to high-quality local currency bonds and aims to deliver high income as well as potentially attractive total returns. It seeks to add value by systematically exploiting country term premium, one of the most consistent sources of return in the asset class. The strategy complements bond positions with a diversifying FX signal that aims to guard against economic stress and unexpected inflation.
The 'forced selling' when issues are downgraded to high yield and the initial difficulty in valuing these issues creates mispricing opportunities, which can then lead to outperformance. Our fallen angels strategy aims to systematically capture this structural mispricing opportunity to produce alpha versus the fallen angel benchmark.
We seek to systematically exploit opportunities often ignored by traditional managers. Specifically, we hold onto the value opportunities created by fallen angels, as we believe untimely selling of these bonds is a significant source of underperformance. We will also consider a higher allocation to more attractive risk-adjusted return segments while buying fundamentally mispriced bonds.
• US fallen angels beta plus
Efficient beta plus
Efficient beta
US fallen angels
Global investment grade corporate
• US long duration corporate beta
• Emerging market debt local currency beta
Efficient beta plus
Efficient beta
emerging market debt
Efficient beta