With colleagues in Toronto and London, UK, the Global Fixed Income and Currencies Team manages fixed-income assets around the world. Using a proven investment process and a robust risk-management culture, the team invests in global bond and currency markets. They aim to build portfolios that consistently add value for investors over the long term.
- We are an active manager with a long-term investment horizon, aiming to consistently beat our benchmarks.
- We invest globally, offering a diverse set of opportunities.
- We aim to deliver alpha through smart portfolio construction, tactical asset allocation, security selection, as well as currency and interest-rate management.
- We de-emphasize forecasting as an investment tool in favour of building portfolios that are likely to be resilient in a range of economic and market scenarios.
- We ensure that risks taken are proportional to the opportunities available through deliberate portfolio construction and trading.
- We rely on intensive fundamental analysis, leveraging the depth and breadth of our expertise across government debt, investment-grade and high-yield corporate bond, emerging-market bond, and currency markets.
- We evaluate environmental, social and governance (ESG) risks as part of our investment process.
- We believe that hedging currency risk is essential for owners of global investment-grade bonds.
- We emphasize teamwork, ensuring continuity in the event of manager turnover.
Multi-layered approach
We rely on a multi-layered approach that is methodical, consistent and empirical.Top down perspective
We consider global fiscal & monetary conditions in relation to regional economic growth & inflation projections.Bottom up security selection
The relative value of individual securities is assessed by a team of Portfolio Managers and Credit analysts who incorporate in depth industry/sector analysis.Opportunistic credit use
We tactically manage allocations to various credit markets such as high yield and emerging market debt in line with risk/reward opportunities available.Scenario Analysis
Rather than building portfolios for a single forecast, we conduct multiple scenario analyses in order to understand and compare potential outcomes and risk return profiles of our funds.Foreign Exchange
We manage foreign-currency risk by hedging passive currency exposures back into Canadian dollars, and actively managing overlay positions to enhance returns.Extended time horizon
We evaluate market opportunities for an 18-36 month time horizon which allows us to take advantage of market volatility.Multiple strategies
Tactical asset allocation
- Gov't vs. credit
- HY, EM Sov
- EM Corp
- Preferred bonds
- Provincials
- EMFX
Interest rates
- Duration
- Yield curve
- Regional allocation
- X-country trade
- Inflation-linked bonds
Credit
- Sector
- Quality
- Credit curve
- Security selection
Currency
- Hedging
- Dynamic hedging
- Overlay