Press releases

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Corporate bonds have enjoyed a good start to 2019. Following the substantial derating of the asset class last year, the market has rebounded as many had hoped. “Global credit markets gained crucial support from the US. The pause in interest rate hikes announced by the Fed steadied the market’s nerves. The combination of a shift away from tight US monetary policy and the persistent environment of low interest rates globally makes corporate bonds particularly attractive in the asset allocation matrix at the moment”, comments Oliver Reinhard, Senior Portfolio Manager at Fisch Asset Management in Zurich.

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MENA fixed income instruments provided a relative oasis of calm against volatile market moves in 2018. MENA hard currency bond and Sukuk issuance reached USD 84 billion in 2018, with demand for new issues remaining high as regional debt was oversubscribed 2x -2.5x, according to a white paper by Emirates NBD Asset Management, KAMCO Investment Company and Fisch Asset Management. Investor appetite is likely to remain strong in 2019, as GCC bonds are included in the JP Morgan EMBI index series and regional governments sustain ambitious reform agendas. The co-authored paper, “MENA debt: an evolving world for fixed income investors”, provides an in-depth look at regional fixed income in 2018 and provides an outlook for 2019.

Download the paper here.

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In the challenging year for investors that was 2018, almost three-quarters of strategies under management beat their benchmarks, and all Luxembourg mutual funds maintained their excellent long-term track records. Convertible bond strategies, in particular, saved investors from sizeable losses compared with equity investments. Assets under management declined as a result of weaker markets from CHF 10.6 billion to around CHF 10 billion (EUR 8.8 bn). Thanks to investment in people and technology, and its promising new business pipeline, Fisch Asset Management is optimistic about 2019, the year in which it celebrates 25 years in business.

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While high yield bonds also weakened during the recent equity market correction in October, they performed relatively well compared to other asset classes, particularly equities. Their lower sensitivity to interest rate movements and their carry provided a safety buffer against the volatility. Peter Jeggli, senior portfolio manager at Fisch Asset Management in Zurich, believes the late phase of the economic cycle still offers opportunities in high yield bonds, and is focused on bonds backed by strong fundamentals.

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Stephanie Zwick, Head of Convertible Bonds at Fisch Asset Management in Zurich, expects to see inflows into the convertible bond asset class during the remainder of the year. “In the current market phase, convertibles make for an attractive alternative to both equities and bonds. Equity market levels are high and the economic outlook is starting to look bleaker, so equity investors are increasingly on the lookout for downside protection, while bond investors need investment opportunities capable of generating higher returns due to concerns about interest rates.”

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Fisch Asset Management is expanding its portfolio management capabilities, strengthening its team with the addition of a convertible bond manager, a global corporate bond manager and a credit analyst for emerging market debt. As part of the planned internationalisation and continued expansion of its business activities, the Zurich-based convertible and corporate bond specialist is implementing a programme of substantial investments into staff and technology begun in 2018.

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Plans for further expansion and targeted internationalisation – Investment strategies outperform the market again

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