FIXED INCOME

The fixed income team, headed by Mark Nash, offers capabilities in multi-sector bonds (including both absolute-return and market-relative strategies), corporate bonds, including financials contingent capital bonds (often known as “CoCos”) and both local- and hard-currency emerging market bonds. The portfolio managers and analysts who specialise in these areas collaborate to share ideas on strategy, positioning and research – as well as developing a holistic view of the fixed income market.

This collaborative structure is pivotal to our investment philosophy that having specialists in each of the major areas of fixed income, who work closely with one another, is crucial to finding value in today’s increasingly interconnected markets.

Philosophy

Within multi-sector bond portfolios, our philosophy is to take an ‘all-weather’ approach, seeking to generate returns from interest rates, foreign exchange, credit, volatility and emerging markets. The managers place great emphasis on working within a centralised team, believing this brings the advantages of flexibility and coherence. The team offers both absolute return and market relative capabilities.

Investment team

Mark Nash is portfolio manager and head of global bonds, while Nicholas Wall is a portfolio manager. They are supported by the wider fixed income team.

Capabilities
  • Global, market-relative, multi-sector/strategic bonds

    Merian Global Strategic Bond Fund (IRL)

    A multi-sector, actively managed global fixed income strategy that aims to deliver returns in evolving market conditions. Alpha can be generated through several sources, including interest rates, foreign exchange, credit, emerging market debt, and volatility.

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  • Sub-advised capabilities

    Merian Total Return USD Bond Fund

    The Merian Total Return USD Bond Fund is managed by the world-renowned investor, Bill Gross of Janus Henderson Investors. The fund seeks to provide excess return versus the benchmark, together with capital preservation. Using a combination of top-down and bottom-up analysis, the manager adopts a long-term, secular style of investing while applying a short-term, cyclical overlay to his strategy. In order to source additional alpha, the manager will use sophisticated financial structures and techniques.

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Philosophy

The team places great emphasis on robust quantitative research, believing that this can help avoid behavioural biases and take advantage of market inefficiencies. It believes in accessing markets early and in considering a broad universe for investment opportunity. The team analyses the drivers of the asset class in depth, including global monetary policy, emerging market growth, changes in China’s economy, and emerging market domestic policy and reforms.

Investment team

Highly experienced emerging market debt portfolio manager Delphine Arrighi is supported by Patty Cao, assistant portfolio manager.

Capabilities
  • Hard currency emerging market debt

    Merian Emerging Market Debt Fund

    The strategy is characterised by an active management style that is dynamic and flexible, separating sources of sovereign return. The three key components of risk and return are external debt, local rates and currency. The strategy combines a quantitative and fundamental style, investing in quasi sovereigns and government debt across a broad universe of instruments and emerging markets.

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