Asset Management

Bond Management

Our Bond Portfolio management aspires to raise the portfolio yields through active control of credit decisions and active segment allocation. We identify the most appropriate bond issues and other finance instruments through fundamental, model-based choice of individual papers.
The goal of our active management approach in the Credits Euroland team is to generate a risk-adjusted acquired surplus for our customers in order to secure long-term investment success. This happens through active over- and underweighting of segments, sectors and individual securities in relation to the whole market or the benchmark.

A surplus above the benchmark can be realised on the basis of

• Avoiding default candidates
• Realising liquidity premiums
• Realising innovation premiums, and
• Excess return through carry or directional trades.

The Global Fixed Income team develops investment concepts and manages portfolios on the basis of decisions on duration, yield curves, and country and currency allocations. The distinction from the Credits Team results from the concentration on macroeconomic topics and the non-consideration of credit risks in the sense of corporate bonds. Thus, the securities selection is limited to government securities, sovereigns, agencies and bond issues from supranational institutes. Product variations result from the different weightings of the alpha and risk modules and they can be designed as benchmark, minimum yield, or absolute-return concepts.

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