Investing in fixed income requires an ability and resilience to be long when assets are cheap, and short when assets are expensive.
As well as actively managing risk within a disciplined, valuation-driven framework, we believe in adopting an investment process that is transparent and repeatable. Our approach includes an innovative company credit rating system at its core. Detailed research means every decision is analysed from a global context, and benefits from the diverse perspectives of the economics, property, infrastructure and equity teams.
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The large global banks with European and North American origin have entered the COVID-19 pandemic in better conditions since the last major financial market event given the decade long clean-up from the fall-out of the Global Financial Crisis (GFC). The banks’ capitalisation, funding and liquidity positions, as well as asset quality have been the strongest since the GFC. However, earnings were challenged especially for those banks based in jurisdictions with prolonged low and negative interest rates and less diversified business models. Nevertheless, we believe most banks are expected to remain profitable in 2020 despite large credit impairment charges in preparation of the expected asset quality deterioration once fiscal stimulus and bank-specific support measures will be withdrawn.
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