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Fixed income

A valuation driven approach to fixed income management that aims to bring you consistent investment outcomes

Overview

Investing in fixed income requires an ability and resilience to be long when assets are cheap and short when assets are expensive. Our active bond portfolios seek to identify value and manage risk through a process combining interest rate and credit-specific research.

Our interest rate approach combines a robust quantitative framework with market analysis to develop strategies in duration, curve and international interest rate spreads. Our credit investment style combines a top-down approach with bottom-up credit analysis. We actively manage event risk, focusing in particular on avoiding downgrades. We aim to add value by selecting the optimal credit quality profile, the best performing industries, and by choosing individual stocks within these chosen industries. Our credit research team covers approximately 500 issuers*.

“The most rewarding opportunities are when momentum and valuation coalesce”
Simon Warner, Head of Global Fixed Income

 

AMP Capital’s award winning fixed income capability is supported by a company heritage of insurance and investing of over 160 years. Our scale as one of Asia’s largest fixed income managers means that we often see transactions and ideas first; and as a cornerstone investor in new bond issuances we are able source securities with favourable terms and conditions.

*as at November 2015

 

Why consider AMP Capital for fixed income?

Our Scale

As one of Asia’s largest fixed income managers, our extensive global networks provide us with access to unique deal sourcing opportunities. Our size and reputation also allows us to negotiate favourable terms and pricing for our clients.

Expertise of team

The team of over 25 investment professionals* covers the entire fixed income spectrum across corporate and sovereign bonds, cash, currency and derivatives. The team has a range of perspectives to find market inefficiencies that can add value, spanning both sides of the marketplace (buying and selling); key areas of the financial system and regional expertise from Europe, North America and Asia.

* as at December 2015

Collaboration

Our culture of collaboration facilitates greater insight into opportunities and threats. Fixed income analysts work closely with equity analysts to provide additional insights across all major industry sectors: financials, property, materials and energy, technology media and telecommunications, consumer industrials, utilities and infrastructure.

Philosophy and process

Our philosophy is based on exploiting mispriced opportunities through a disciplined valuation approach and a repeatable process.

Valuation driven

We believe the best way to invest in fixed income is to take an active, independent, valuation-driven approach. Prices can overshoot valuations in fixed income markets due to trending behaviours, and this is where the real opportunity lies. Investing in fixed income requires an ability and resilience to be long when assets are cheap and short when assets are expensive.

Consistent outcomes

Our global relative value investment approach is transparent and repeatable and aims to generate consistent outcomes for our investors.

Risk Management

Our robust risk management process aims to create truly defensive portfolios. We conduct thorough due diligence, and use sophisticated risk management tools and systems to run stress and scenario tests. In addition, all companies in our universe of securities are internally rated, so we don’t rely solely on external credit rating agencies.

Quantitative approach

We believe in quantifying influences on asset prices, wherever possible. We recognise, however, that the world is constantly evolving and that relying on a purely mechanistic or model-based decision-making process is suboptimal. Therefore we augment these quantitative tools with qualitative assessments.

Meet the manager

Our people and experience set us apart. We combine our in-depth investment expertise, specialist capabilities and extensive global network to deliver outstanding investment outcome for our clients.

Simon is Head of Global Fixed Income and is responsible for the management of active fixed income strategies.

Simon Warner
AMP Capital

Ilan is Head of Macro and is responsible for all macro and core portfolio management activities.

Ilan Dekell
AMP Capital

Sonia is Head of Credit and is responsible for all bottom-up credit portfolio management activities as well as credit research.

Sonia Bailey
AMP Capital

Important note: The information contained in this document has been prepared by AMP Capital Investors Limited (ABN 59 001 777 591, AFSL 232497) (AMP Capital) for providing general information only. It is not intended for distribution or use in any jurisdiction where it would be contrary to applicable laws, regulations or directives and does not constitute a recommendation, offer, solicitation or invitation to invest in any particular investment fund or investment capability. Readers should not treat the Information as advice on legal, tax or investment matters and should make their own inquiries and consult professional advisers as to applicable laws, regulations and requirements in any particular jurisdiction (including, where the Information is received) and the consequences arising from any failure to comply. While every care has been taken in the preparation of this document, neither AMP Capital, nor any member of the AMP Limited Group makes any representation or warranty as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. Certain information in this document identified by footnotes has been obtained from sources that we consider to be reliable and is based on present circumstances, market conditions and beliefs. Other than information sourced from AMP Capital, we have not independently verified this information and cannot assure you that it is accurate or complete. Past performance is not a reliable indicator of future performance. This document has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any investments decisions, consider the appropriateness of the information in this document, and seek professional advice, having regard to the investor’s objectives, financial situation and needs. The Information may not be reproduced or redistributed (in whole or in part) or otherwise made available to any other person in any format without the express written consent of AMP Capital.