- Investment Grade Credit
- Leveraged Finance
- Emerging Markets Debt
- Broad Market
- U.S. Long Duration
- Alternatives
- Structured Products
Broad Market
Global Core/Global Aggregate Plus
Actively managed strategy that seeks an excess return over the Barclays Capital Global Aggregate Bond Index or similar benchmark. Global Core Strategy actively emphasises U.S. and European corporate bonds, seeking to generate a majority of excess return from sector allocation as well as individual security selection and industry rotation within the global corporate sector. Allocates to both benchmark and non-benchmark sectors. Global Aggregate Plus Strategy seeks to maximise excess return opportunities from a diversified set of sustainable sources—sector allocation, subsector and security selection, duration/curve and country selection, and currency management. Strategy seeks to generate approximately half of its excess return from sector allocation and one-third from subsector/security selection.
Core/Core-Plus
Actively managed Core and Core Plus strategies that seek an excess return over the Barclays U.S. Aggregate Bond Index or similar benchmark. Core strategy is investment grade-focused and seeks to generate its excess return from fairly equal increments of both sector allocation and subsector/security allocation. Duration and yield curve positioning have not historically been primary sources of excess return. Core Plus strategy seeks to generate approximately half of its excess return from sector allocation, and up to one-third each from subsector/security selection and duration/ yield curve/currency positioning, depending on market conditions. Actively allocates to both benchmark and non-benchmark sectors, with emphasis on the credit-oriented sectors.
Core Conservative
Benchmark-focused, investment grade bond strategy that seeks an excess return over the Barclays U.S. Aggregate Bond Index or similar benchmark. Strategy has historically generated virtually all of its excess return from bottom-up subsector and security selection, with top-down decisions such as duration, yield curve, and sector positioning tightly constrained to benchmark weightings at all times.
Absolute Return
Actively managed strategy that seeks to maximise absolute risk-adjusted return over ML 3-month LIBOR Index. Strategy focuses on relative-value based sector allocation, research-based subsector and security selection, and duration, yield curve, and currency management across fixed income sectors and currencies, favouring the credit-oriented sectors. Portfolio positioning at any given time is based on where we believe the most attractive risk-adjusted values lie across the investable universe. Strategy is designed to provide flexibility to respond to changing market opportunities to both generate alpha and to mitigate downside risk.