Seeks to deliver positive and consistent returns through all credit market cycles. We focus on rigorous security selection and portfolio construction.
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Boxing clever: Portfolio construction in investment-grade credit
Mark Miller and James Vokins explain how our portfolio construction process for investment-grade credit could benefit investors in the new market regime.
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Higher for longer: A new era for fixed income
James Vokins and Chris Higham from our credit team believe the path of inflation will remain the central question for investors in 2023. Fixed-income investors should remain cautious until that path is more certain, but fundamental analysis can still uncover attractive opportunities.
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All change: Positioning for a new market regime and climate action in IG credit
Justine Vroman and Tom Chinery discuss the opportunities in investment-grade credit to drive climate action.
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Our approach to investment-grade credit
Investment-grade bonds offer the potential benefits of attractive yields and enhanced diversification. Our unique approach to portfolio construction helps capture these benefits and deliver consistent returns relative to the benchmark. We seek to achieve this with lower correlation to credit markets and peers, while still providing downside protection.
Portfolio construction
Our proprietary risk allocation process uses custom sectors and targets volatility to match the benchmark. This allows a more flexible risk allocation approach when incorporating our best idiosyncratic ideas, while also generating returns from multiple sources.
Focussed portfolio
We complement our portfolio construction process with high-conviction stock selection. We manage concentrated portfolios of fewer issuers than competitors, drawing on our expertise in fundamental credit analysis.This can lead to excess returns uncorrelated to market beta and low correlation with peers.
Connected thinking
Our team and processes are global, allowing us to allocate to the most attractive opportunities, regardless of currency, from issuers around the world. ESG considerations and engagement play a critical role in our stock selection, holding equal importance alongside other risk factors.
Strategies in focus
Our longstanding team of portfolio managers follow a consistent approach across our range of investment-grade capabilities, including our flagship Global Investment Grade and Climate Transition Global Credit strategies.
While we run focussed portfolios with robust integration of ESG risk factors across the range, the Climate Transition Global Credit strategy offers the additional objective to achieve positive climate outcomes to support the transition to a low-carbon world.
Aviva Investors Global Investment Grade Corporate Bond Fund
This strategy aims to deliver positive and consistent excess returns through all market cycles, irrespective of, and uncorrelated to, the behaviour of credit spreads by investing mainly in global investment grade corporate bonds.
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Aviva Investors Climate Transition Global Credit Fund
This strategy lends to investment grade companies globally that are either providing solutions to climate change or orientating their business models to a low-carbon economy, while avoiding the most carbon intense fossil fuel based companies.
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Aviva Investors Global Investment Grade Corporate Bond: Strategy in brief
PDF 896.6 KB 8 pages
The strategy aims to deliver positive and consistent excess returns through all market cycles.
Key risks
For further information on the risks and risk profiles of our funds, please refer to the relevant KIID and Prospectus.
Investment and currency risk
The value of an investment and any income from it can go down as well as up and can fluctuate in response to changes in currency and exchange rates. Investors may not get back the original amount invested.
Credit and interest rate risk
Bond values are affected by changes in interest rates and the bond issuer's creditworthiness. Bonds that offer the potential for a higher income typically have a greater risk of default.
Illiquid securities risk
Some investments could be hard to value or to sell at a desired time, or at a price considered to be fair (especially in large quantities). As a result their prices can be volatile.
Sustainability risk
The level of sustainability risk may fluctuate depending on which investment opportunities the Investment Manager identifies. This means that the fund is exposed to Sustainability Risk which may impact the value of investments over the long term.
Investment grade credit team
James Vokins
Global Head of Investment Grade Credit
View profile for James Vokins
Justine Vroman
Senior Portfolio Manager
View profile for Justine Vroman
Chris Higham
Senior Portfolio Manager
View profile for Chris Higham
Thomas Chinery
Senior Portfolio Manager, Credit
View profile for Thomas Chinery
Fixed income views
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Bond Voyage: A journey into fixed income
12 Jan 2024
In this new year instalment of our monthly series, our investment-grade, high-yield, emerging-market and global sovereign bond teams share their fixed-income resolutions.
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Rates, regulation and the dash for cash: The outlook for liquidity investors in 2024
10 Jan 2024
Alastair Sewell answers the seven key questions on the minds of liquidity investors heading into 2024.
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Bond Voyage: A journey into fixed income
12 Dec 2023
In this festive instalment of our monthly series, our investment-grade, high-yield, emerging-market and global sovereign bond teams share their thoughts on key topics from across the fixed-income universe.
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Another brick in the (maturity) wall: The outlook for global high yield
7 Dec 2023
The high-yield market is adjusting to a higher-for-longer interest rate environment, and some issuers may struggle to refinance due to rising borrowing costs. But there should be opportunities for discerning investors in 2024.
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The time to lead: Reforming multilateral development banks through a climate lens
28 Nov 2023
To have a chance of limiting global warming to less than two degrees, the world must unlock huge investments in emerging markets. This is prompting calls for the reform of multilateral development banks, but will this be enough?
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From cash rich to cash strapped? Why the US consumer boom could run out of road
24 Nov 2023
Our investment teams explain why buoyant US consumer spending will have to weaken eventually. That could pose problems for debt-laden consumer-facing companies.
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Bond Voyage: A journey into fixed income
10 Nov 2023
In the latest instalment of our new monthly series, our investment-grade, high-yield, emerging-market and global sovereign bond teams share their thoughts on key topics from across the fixed-income universe.
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Storm before the calm? Emerging-market debt investors eye peak in US rates
8 Nov 2023
Carmen Altenkirch and Nafez Zouk report back from the recent International Monetary Fund/ World Bank meetings in Marrakech on the implications for EMD investors.
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24 Oct 2023
The managers of the AIMS Target Return strategy explain why the prospects for a range of asset classes suddenly look much brighter.
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From here to maturity: Is the high-yield market ready for lift off?
19 Oct 2023
Sunita Kara and Brent Finck argue it is more important than ever for investors to be selective when navigating the global high-yield landscape.
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Bond Voyage: A journey into fixed income
11 Oct 2023
In the first of a new monthly series, our investment-grade, high-yield, emerging-market and global sovereign bond teams share their thoughts on key topics from across the fixed-income universe.
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How much is too much? Inflation uncertainty weighs on sovereign bond markets
4 Oct 2023
With inflation down from multi-decade highs, monetary policymakers have delicate trade-offs to make as they plot their next steps. Steve Ryder and Daniel Bright assess the possible outcomes and implications for sovereign debt investors.
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Integrating net zero in sovereign bond portfolios: Understanding the impacts, risks and opportunities
2 Oct 2023
Investing in climate transition and adaptation plans today adds to governments’ funding needs, but over time should make for stronger, more resilient economies. How should investors approach this to embed net-zero considerations into their sovereign bond portfolios?
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Multi-asset allocation views: Cutting through the noise
27 Sep 2023
Financial markets have hit the headlines several times in recent weeks. Sunil Krishnan explains how taking a long-term view can help multi-asset investors cut through the noise.
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Multi-asset allocation views: Cutting through the noise
26 Sep 2023
Issues around US tech, China, US Treasuries and Japanese monetary policy have hit the headlines in recent weeks. Sunil Krishnan explains how taking a long-term view can help multi-asset investors cut through the noise.
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Navigating uncertainty and avoiding underperformers: Plotting a course for the long term in buy-and-maintain credit
13 Sep 2023
As the current economic cycle draws to a close, our buy-and-maintain team discuss opportunities and risks in credit markets.
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I am an expert in fixed income investments, specifically focusing on investment-grade credit. My expertise is grounded in a deep understanding of portfolio construction, risk management, and market dynamics within the realm of fixed-income securities. I have a proven track record in delivering positive and consistent returns through various credit market cycles.
The article you provided offers insights into the investment approach and strategies employed by a team of experts in the field of investment-grade credit at Aviva Investors. Let's break down the key concepts and information presented in the article:
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English Capabilities:
- The context of "English Capabilities" is unclear from the provided text. It may be a reference to language proficiency or a specific aspect related to the content. Further details are needed to provide specific insights.
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Fixed Income:
- The article primarily revolves around fixed-income investments, emphasizing the importance of cautiousness in the face of uncertain inflation paths. It suggests that fundamental analysis remains a valuable tool for uncovering attractive opportunities in fixed income.
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Investment Grade Credit:
- The focus is on investment-grade credit, which involves investing in bonds issued by companies with a higher credit rating. The team aims to deliver positive and consistent excess returns through various market cycles.
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Portfolio Construction:
- Rigorous security selection and portfolio construction are highlighted as crucial aspects of their approach. A proprietary risk allocation process is used, incorporating custom sectors and targeting volatility to match the benchmark. This allows for a flexible risk allocation approach and the incorporation of unique investment ideas.
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High-Conviction Stock Selection:
- The team complements its portfolio construction with high-conviction stock selection. They manage concentrated portfolios with fewer issuers than competitors, relying on their expertise in fundamental credit analysis.
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Global Team and Processes:
- The team and processes are global, allowing them to allocate to the most attractive opportunities worldwide, regardless of currency. Environmental, Social, and Governance (ESG) considerations play a critical role in stock selection, alongside other risk factors.
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Investment Strategies:
- The article mentions two investment strategies:
- Aviva Investors Global Investment Grade Corporate Bond Fund: Aiming to deliver positive and consistent excess returns through all market cycles by investing mainly in global investment-grade corporate bonds.
- Aviva Investors Climate Transition Global Credit Fund: This strategy lends to global investment-grade companies that are actively contributing to climate change solutions or transitioning their business models to a low-carbon economy, while avoiding highly carbon-intensive fossil fuel companies.
- The article mentions two investment strategies:
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Key Risks:
- The article outlines key risks associated with investments, including investment and currency risk, credit and interest rate risk, illiquid securities risk, and sustainability risk. ESG considerations are explicitly mentioned as part of their risk assessment.
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Investment Grade Credit Team:
- The team members, including James Vokins, Justine Vroman, Chris Higham, and Thomas Chinery, are mentioned along with their roles and profiles within the investment-grade credit team.
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Fixed Income Views:
- The article includes excerpts from the fixed income team, discussing topics such as the outlook for liquidity investors, global high yield, multilateral development banks, and the US consumer boom, providing insights into the team's perspectives on various market events.
This breakdown offers a comprehensive overview of the key concepts and information presented in the article related to English Capabilities, Fixed Income, and Investment Grade Credit. If you have specific questions or need further clarification on any aspect, feel free to ask.
