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  • Global Unconstrained Fixed Income

    The label “unconstrained” has picked up in popularity in recent years within the fixed income world. But this term means different things to different people. In some cases, it is shorthand for a hedge fund. For others it means moving away from traditional fixed income benchmarks or the ability to add value in both risking and falling markets. We have a straightforward view of what “‘unconstrained” means.

    Simply put, we believe idea generation that develops free from traditional parameters such as region, sector, rating, and benchmark constituents generates the richest possible variety of global investment views. Hence, Global Unconstrained.

    As a global platform, we take great care to ensure alpha sources are uncorrelated to markets and each other. This is why idea generation develops independent of an overarching ‘house view’. Further, by intentionally decoupling idea generation and associated research from portfolio construction, we can combine alpha sources in many different ways so long as risk is balanced. By ensuring that portfolios are designed in a balanced and diversified manner – where one particular view does not dominate – we increase the likelihood of accomplishing portfolio objectives.

    The teams, based across Asia, the US and EMEA, share and monitor their investment ideas, collaborating on a worldwide scale, through our proprietary technology platform, the Investment Opinion Network (ION). This enables the Global Unconstrained Fixed Income team to access and capture the full range of global fixed income return drivers and sources of alpha generation.

  • More insights

    First Insights January 2017 edition

    Article  | 30 January 2017

    As is the case each January, in this edition of First Insights, we discuss the key themes and risks for the year ahead. 2017 looks set to be dominated by President Trump and his plans for significant fiscal policy easing in the US.

    Never say never again

    Article  | 13 December 2016

    For several decades the world has looked to the US for stability and order. Following the ‘surprise’ election result that had the prevailing politicians and pollsters aghast at hearing the words, ‘President-elect Trump’, gives a sense that the stability we have come to expect from the US can no longer be assured.

    How investors react to volatility and uncertainty

    Article  | 12 December 2016

    Over the first half of 2016, market volatility and political uncertainty has driven cautious behaviour from investors