The sustainable investor for a changing world

Investment grade bond strategy

Key features

A concentrated portfolio of investment-grade issuers, reflecting rigorous credit and ESG analysis

Diversification across sectors, countries and issuers

An experienced portfolio management team dedicated to investment-grade credits  

Investment philosophy 

We adhere to an active style of portfolio management based on sound, bottom-up issuer selection and a top-down allocation of macro-economic views. Our aim is to generate alpha though a strong emphasis on capital preservation and consistency of returns.

The approach we take looks to exploit market inefficiencies on a fundamental basis, through our contrarian views concerning credit positioning, sector allocation and country allocation.

Experience tells us that inefficiencies can also arise through mispriced ESG factors; we therefore aim to add value over the long term by systematically incorporating ESG factors into our bottom-up issuer selection and top-down allocations.

Investment process

Our Investment Grade Bond strategy follows a disciplined four-step process: 

  • Macro and credit outlook discussion
  • Model portfolio definition
  • Issuer analysis and selection 
  • Portfolio construction

Team and resources

Our Global Corporate Credit team, which includes high yield and investment grade credit, is based in Paris, London and New York. Christophe Auvity, who has more than 26 years of industry experience, leads the team.

The team consists of experienced portfolio managers and credit research analysts who are dedicated to credit management across the rating spectrum. They benefit from access to our global trading and risk management platform, Sustainability Centre, Quantitative Research Group and Macro Research team.