Fixed Income
OVERVIEW
Helping our clients stay ahead in an ever-changing world.
The pace and unpredictable nature of change is both a challenge and an opportunity for investors. We believe that investing needs to be dynamic and responsive to make the best of every situation. Whether this is to take advantage of opportunities as they appear or to limit volatility and provide resilience in down markets – a flexible approach is key. Our high-conviction, unconstrained approach allows for a high degree of flexibility, enabling us to rapidly adapt to changing market conditions.
Every team member is a global credit specialist, free to commit to their ideas. Different perspectives are valued in what has become a positive culture of debate. This collective expertise brings creativity and rigour to the investment process, focused on delivering the risk-adjusted returns our clients expect.
We actively encourage responsible and sustainable industry practices. To assess how material ESG issues can positively and negatively impact overall credit profiles, we integrate ESG and extra-financial considerations into our analysis. We believe that this is key to understanding risks and long-term opportunities.
Trafield Sustainable Global Strategic Bond Strategy
Our Sustainable Global Strategic Bond strategy is dynamic and responsive to changing markets. With a vast global universe, we invest wherever we find compelling opportunities, while actively managing our credit and duration risk.
Trafield Global Short Duration Strategy
Our Global Short Duration strategy seeks out the best investment opportunities across the global short-term fixed income universe to provide our clients with a return of capital growth and income, with a focus on capital preservation.
Trafield Global Emerging Market Bond Strategy
Emerging market debt (EMD) is a specialist sub-asset class with unique benefits. We take an unconstrained, active approach to seek out opportunities across the investment universe.
Trafield Sustainable Global High Yield Bond Strategy
Our Sustainable Global High Yield Bonds strategy is dynamic and responsive to changing markets. With a global universe, we invest wherever we find compelling opportunities, while actively managing our credit and duration risk.
Trafield Global Climate Bond Strategy
Providing a globally diversified bond fund with an investment focus on issuers engaged in energy transition and climate change mitigation.
Trafield Sustainable Global Strategic Bond Strategy
Our Sustainable Global Strategic Bond strategy is dynamic and responsive to changing markets. With a vast global universe, we invest wherever we find compelling opportunities, while actively managing our credit and duration risk.
A highly credible team of credit experts with over 55 years of combined experience through all market cycles over the last 10 years.
Advanced ESG/climate impact analysis is embedded into our decision-making. This, along with ongoing engagement, steers us towards quality issuers.
Top-down research informs our dynamic allocation across the different geographies, sectors and components of the global fixed income universe.
The strategy accesses a broad universe with a high-conviction approach to generate total returns through the cycles. We mitigate down markets with an active hedging process.
Investment Philosophy And Process
Identifying what drives the returns of different fixed income sub-asset classes at various points in the business cycle is the key to sustained returns. We move dynamically between credit and duration risk, assessing where each region is within its cycle to steer our top-down allocation.
Our bottom-up analysis begins with positive screening against an exclusion list, followed by an assessment of the ESG-climate profile of each company. Within the reduced universe, fundamental, technical and valuation factors are analysed to provide an overall ranking, which we use to construct the portfolio. We use a scorecard to monitor companies with lower ESG-climate profile assessments and ongoing engagement to encourage best practice.
Trafield Global Short Duration Strategy
Our Global Short Duration strategy seeks out the best investment opportunities across the global short-term fixed income universe to provide our clients with a return of capital growth and income, with a focus on capital preservation. Our blended, active, flexible approach is designed to deliver stable returns throughout the business cycle and in any rates environment.
A highly credible team of credit experts with over 55 years of combined experience through all market cycles over the last 10 years.
Our flexible approach is structured to limit risk and access the best opportunities by seeking bonds with hard maturity profiles, blending global investment grade and high yield throughout the business cycle.
Advanced ESG/climate impact analysis is embedded into our decision-making. This, along with ongoing engagement, steers us towards quality issuers.
Investment Philosophy And Process
Identifying what drives the returns of different fixed income sub-asset classes at various points in the business cycle is the key to sustained returns. We move dynamically between credit and duration risk, assessing where each region is within its cycle to steer our top-down allocation.
Our bottom-up analysis begins with positive screening against an exclusion list, followed by an assessment of the ESG-climate profile of each company. Within the reduced universe, fundamental, technical and valuation factors are analysed to provide an overall ranking, which we use to construct the portfolio. We use a scorecard to monitor companies with lower ESG-climate profile assessments and ongoing engagement to encourage best practice.
Trafield Global Climate Bond Strategy
Providing a globally diversified bond fund with an investment focus on issuers engaged in energy transition and climate change mitigation.
Green bonds – We invest a minimum of 51% in green bonds that finance the energy transition. This includes renewable energy, energy efficiency and clean transport.
Climate-aligned corporate bonds – We invest in corporate issuers in highly carbon intensive sectors that are leading the energy transition. We are seeking issuers at the forefront of reducing their carbon emissions and environmental impact over time. We exclude thermal coal issuers.
We bring together significant experience in managing ESG-integrated high conviction global fixed income portfolios, which is augmented by sustainable and responsible investment analytical expertise.
Advanced ESG/climate impact analysis is embedded into our decision-making. This, along with ongoing engagement, steers us towards quality issuers.
Top-down research informs our dynamic allocation across the different geographies, sectors and components of the global fixed income universe.
The strategy accesses a broad universe with a high-conviction approach to generate total returns through the cycles. We mitigate down markets with an active hedging process.
Our Focus On Responsible Sustainability
Since its foundation Trafield group has pursued a philosophy of sustainability with clients, employees and with the wider society. These principles have provided a sound footing for Trafield asset management in pursuing its long-term vision of incorporating responsible and sustainable considerations into our investment decision making.
Trafield Global Emerging Market Bond Strategy
Emerging market debt (EMD) is a specialist sub-asset class with unique benefits. We take an unconstrained, active approach to seek out opportunities across the investment universe. Our aim is to find a balance across yield, quality and liquidity. This gives us the flexibility to navigate changing market conditions and effectively manage risk.
Our EMD specialists have over 35 years combined experience, bringing with them a deep understanding of the emerging and frontier market universe, as well as currency management – both of which are key to understanding and navigating the dynamic world of EMD. They are supported by the wider fixed income team and the SRI team.
Top-down research informs our dynamic allocation across the different geographies and sectors of the global high yield universe.
EMD is a complex sub-asset class that is exposed to higher volatility and lower liquidity. For us, maintaining a strong liquidity profile for increased flexibility in different market environments is key. Risk management is therefore an integral part of our process.
Investment Philosophy And Process
The EMD universe is constantly evolving across sovereign and corporate debt in both hard and local currencies. The strategy also has the flexibility to invest in frontier markets. Against this backdrop, benchmarks fail at not only capturing the best opportunities, but also avoiding unnecessary risks. Consequently, the strategy adopts a high conviction, active approach to capture opportunities across the global universe with a focus on finding value.
Understanding the dynamics and interdependency of the three main risks in EMD is key to sustained returns. The strategy’s high-conviction focus leads to a defined view across the three main risks – credit, duration and currency.