Our fixed income team is among the largest and most experienced in the region with the fund managers averaging 23 years and analysts averaging 7 years of financial industry experience. At end-September 2019, we managed over S$47.8 billion (US$34.5 billion) fixed income investments, making us one of the largest fixed income managers in the region.
To date, our team covers more than 350 credits globally, including over 250 in the Asia Pacific region. Over the years, it has delivered a proven track record based on its robust investment and risk management processes.
Our fixed income team is organised into three distinct areas of research specialisation – global and Asian credit, global and Asian rates, and foreign exchange. The breadth of our research coverage enables our fund managers to handle a range of strategies including Asian local currency, Asian investment grade and high yield credit, Asian convertibles, global rates and credits, emerging fixed income and foreign exchange.
Our fixed income capabilities are extensive with the team managing a broad range of strategies:
- Money Market
- Core SGD Bonds
- Core-Plus Bonds
- Local Currency
- Investment Grade and High Yield Credit
- Convertible Bonds
- Global Rates
- Global Credit
- Emerging Markets Credit
- Renminbi Bonds
- Liability Driven Investing
- Structured Credit
Several elements make up our fixed income philosophy. Our aim is to deliver consistent out-performance. We are active managers and we take positions through a range of investment decisions including country allocation, duration and yield curve, credit and currency. We add value through research-led ideas implemented through rigorous portfolio construction disciplines. Our process is team-based and combines a top-down approach to macro decisions and a bottom-up approach to security selection.
Comprising three parts, our fixed income process is: research, formulation of investment strategy and portfolio construction.
A top-down track leads to macro investment themes that drive our investment strategy. A bottom-up research track leads to the selection of securities that populate our portfolios. The investment strategy is combined with the objectives and guides the fund manager to build a portfolio that will deliver out-performance. Underlying the entire process is risk control and oversight, a fundamental part of the process.