Our approach

Bond markets are driven by changing economic trends. We therefore spend much of our time approaching allocation from a top-down perspective, harnessing our thematic research to guide both our long-term view and our issuer selection. We are opportunistic and selective in our allocation, and do not look to replicate bond indices that are based on scale of debt issuance.

We also employ the judgement of the team, along with a range of valuation tools. Each issuer we own is researched by sovereign or credit analysts who seek to understand the full risks, including the changing environmental, social and governance (ESG) environment. Currency risk is managed separately from bond allocation.

Most of the members of our stable, experienced team have worked together for several years.