Introducing our 2020 Global Fixed Income Study

We are pleased to present our third annual Global Fixed Income Study, part of our suite of studies exploring global investment trends, opportunities and challenges.

This examination of global fixed income investing is based on in-depth interviews with 121 institutional and 38 wholesale investors, that are together responsible for the fixed income components of portfolios totalling US$20 trillion in AUM1. These investors, located across all the major regions of North America, Europe and Asia-Pacific, are employed by pension funds (both defined benefit and defined contribution), sovereign wealth funds, insurers and wholesale investors including private banks, diversified fund managers, multi-managers, and model builders.

The study2 offers insights into asset allocation decisions, strategies, and methods of implementation, as well as future intentions of investors within the fixed income asset class and reveals how they were positioned in the leadup to the market turmoil arising from the COVID-19 pandemic.

Themes identified this year are:

Greater caution in advance of market turmoil
Contrast between cautious and yield-seeking investors grows
New approaches help to address a bond market liquidity paradox
Being picky in emerging market debt – investors abandon broad mandates for country allocations
ESG widely seen as beneficial to returns, as focus turns to shortage of product and implementation

We hope you find this study useful in understanding how fixed income is developing and the evolving approaches of this asset class's professionals.

Read the study at a glance

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Read the full report

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1 As of 31 December 2019, Source: Invesco.
2 The interviews were conducted in October and November 2019, before the onset of the COVID-19 pandemic.



Invesco fixed income - Rob Waldner

Robert Waldner

Head of Global Macro & Chief Strategist, Invesco Fixed Income

Rob Waldner is Chief Strategist and Head of the Multi-Sector team for Invesco Fixed Income. Mr. Waldner is responsible for facilitating the overall macro investment strategy for the fixed income platform and for oversight of the multi-sector portfolio construction process. He joined Invesco in 2013.

Prior to joining Invesco, Rob was with Franklin Templeton for 17 years. At Franklin Templeton, he was a senior strategist and senior portfolio manager. Previously, Mr. Waldner was a member of the Macro team at Omega Advisors and a portfolio manager with Glaxo (Bermuda) Ltd. He entered the industry in 1986.