Service

Our core competencies: credit and momentum

Credit is one of our core strengths, and has been a key contributor to our success since the company’s foundation. Our understanding of issuers and different market conditions helps us to focus on preserving capital and minimise the risk of loss.

Our holistic approach to credit analysis – comprising fundamental analysis together with technical and relative value analysis – produces an independent credit quality assessment, which is in turn used to derive an assessment of the fair value of bonds. This is the foundation of our active security selection. Our portfolios are composed of securities, where we have a high conviction in terms of credit rating plus risk and return potential. Our credit research team is made up of dedicated analysts and portfolio managers with specific research responsibilities. Our broad wealth of experience in different sectors and regions allows us to provide full coverage of the relevant investment universe.

Our credit analysis is complemented by momentum and trend identification. This quantitative approach helps us to analyse market movements and take advantage of medium-term trends. We mainly use this as an additional source of information in top-down research and for assessing the return potential of convertible bonds.