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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.