Head of Global Credit Strategies of Global Investment Grade and Emerging Markets
Michael Hyman
Depressed yields and suppressed market volatility have crowded out institutional investors looking for income to match their liabilities. The US investment grade credit market offers an attractive combination of investment quality, size, liquidity and, most importantly, higher yields than government bonds.
We believe we can generate attractive risk-adjusted returns by targeting alpha through global thematic ideas. These are implemented within a robust, risk-disciplined framework with the intention of performing well in any market environment.
The strategy aims to generate an attractive total return by investing in investment grade corporate bonds. It pursues a theme-based approach designed to identify relative value opportunities in the corporate bond markets of US issuers, which are denominated in USD.
The portfolio managers take a theme-based approach to capturing value opportunities. We combine top down analysis with a bottom up approach to security selection.
The team is also responsible for leveraging the breadth of the Invesco Fixed Income platform to help form their investment opinion.
Macro themes are identified and then we construct the portfolio by selecting the most appropriate securities to represent the view.
At the same time, security selection aims to capture the highest risk-adjusted returns while remaining within the guidelines of the strategy.
We also have the ability to manage credit, interest rate and currency exposure separately (through derivatives).
The investment approach is centred around three core pillars:
Portfolio management responsibilities rest with the Invesco Fixed Income Global Investment Grade Corporate Bond Management team, reporting to Michael Hyman, Head of Global Investment Grade and Emerging Markets.
The team operates within the interconnected framework of Invesco Fixed Income’s investment platform with daily interaction taking place with investment colleagues globally.
The lead manager(s) would be Michael Hyman, Matt Brill, Todd Schomberg and Jacob Habibi, leveraging the resources of the entire IFI platform. This global platform support gives us the broad and scalable operation necessary to offer clients a credible value proposition.
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