Fixed Income
Mirabaud Sustainable Global High Yield Bonds Strategy
Investing across the global high yield universe, with a flexible, unconstrained approach.
We believe that high yield bonds behave differently according to the region in which they are located, and where that region is within its business cycle. Therefore, a global approach gives us the flexibility to move across regional markets with the aim of capturing the best opportunities available.
Mirabaud Sustainable Global High Yield Bonds seeks long-term capital appreciation across multiple business cycles. Using a top-down and bottom-up approach, the strategy actively manages credit risk and duration whilst exploiting relative value opportunities across different global geographies, sectors and credits.
The strategy has the flexibility to invest where we think the returns are available at any point in the cycle, moving dynamically between credit and duration risk.
High yield bonds typically have a low correlation to investment grade so adding them to a broad fixed income portfolio can improve diversification, as well as enhance income. We focus on BB-B and are rarely significantly exposed to the weaker end of the market.
We believe the strategy is relevant for those investors seeking higher yields whilst mitigating downside risk.
Portfolio characteristics
| UNCONSTRAINED | The flexibility to invest where we think the returns are available at any point in the cycle.. |
| TOP-DOWN/BOTTOM-UP | Top-down sets regional allocation parameters while bottom-up credit selection allows us to optimise returns. |
| SFDR ARTICLE 8 | ESG factors are fully integrated alongside traditional financial analysis, incorporating negative and positive exclusions as well as in-depth bottom-up analysis and engagement. |
| SPECIALIST TEAM | 6 risk managers, 3 SRI analysts, 3 dealers. |
| CULTURE OF DEBATE | Team sits together, facilitating idea sharing and the timely discussion of market news. |
Strategy highlights
EXPERTISE
Credit expertise and a forward-looking view to identify strong opportunities and avoid defaults.
SRI analysis and ongoing engagement steer us towards quality issuers.
BEST IDEAS
Top-down informs our dynamic allocation across geographies, sectors, credit and duration risk.
Bottom-up analysis incorporates fundamental, technical and valuation (FTV) factors to identify strong, sustainable opportunities.
TOTAL RETURN
Global universe with high-conviction views required to generate total returns through the cycle.
Mitigating down-market risk with active hedging.
Strategy resources
Fund Information
Monthly Reporting
Monthly Commentary
Portfolio managers
From trading football cards as a child in Kuwait, to becoming Head of Fixed Income at Mirabaud Asset Management, Andrew Lake discusses his career in investment, sustainability and what he loves about the job.
WATCH: Introducing Andrew
Fatima Luis, Senior Portfolio Manager, kicked off her investment career at the birth of the euro. She takes us through how the launch of the currency provided a catalyst for credit opportunities and began her journey to becoming a fixed income expert.
WATCH: Introducing Fatima
“Can I buy below market risk for above market return?” That’s the basis of Portfolio Manager Al Cattermole’s investment philosophy, which has been influenced by a credit hedge fund stint alongside his passion for scuba diving.
WATCH: Introducing Al
Related insights
Find out more
Contact us