Our Investment Approach

Fixed Income Markets

Our expertise lies in investing in debt and hybrid capital instruments issued by large-cap banks and global insurance companies — specifically Contingent Convertibles (CoCos), Additional Tier 1 (AT1s), Restricted Tier 1 (RT1s), and Tier 1 and Tier 2 bonds.

These subordinated instruments offer compelling risk-adjusted returns relative to other fixed income segments, including investment-grade corporates, high yield, and government bonds.

Our investable universe focuses on high-quality issuers with robust balance sheets - primarily Globally Systemically Important Banks (G-SIBs) and insurers carrying a high rating at senior level - offering attractive relative value opportunities.

We also selectively invest in corporate hybrid bonds from high-quality issuers, as well as in high grade and high yield bonds underpinned by solid fundamentals.

By concentrating on instruments with superior risk-adjusted characteristics, we target attractive absolute returns driven by income and capital appreciation.