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Investment expertise

Global & absolute return fixed income

Global & absolute return fixed income

UBP’s Global & Absolute Return Fixed Income team is a multi-award winning team, managing, USD 17.5 bn worth of assets1 across global fixed income markets through mutual funds and bespoke institutional mandates.


Offering a range of solutions including Cash Enhanced, Absolute Return, Total Return, Investment Grade Corporate and High Yield strategies, the team’s top-down macroeconomic identity and strong focus on liquidity have been the main source of added value in helping our clients achieve their investment objectives.

The team has also developed an innovative suite of investment solutions using liquid and cleared (i.e. without counterparty risk) CDS indices to meet investors’ needs in gaining access to high-yield and investment-grade opportunities, or to private debt markets in collaboration with Partners Group.

Key strategies

  • Cash Enhanced: Target excess return over money market rates with contained volatility. The strategy invests mainly in short-dated floating-rate notes
  • Absolute Return and Total Return: Flexible global allocation strategies across fixed income segments targeting high Sharpe ratios and contained drawdowns
  • Global High Yield: Award-winning strategy of liquid exposure to high yield via cleared CDS indices and limited interest rate exposure
  • Corporate Investment Grade: Exposure to investment-grade credit markets with moderate interest rate exposure, a large capitalisation bias and a top-down approach
  • Hybrid Debt: Expertise in subordinated debt across financial and non-financial segments, including corporate hybrids, Tier 2, Tier 1 and Additional Tier 1
  • Private Debt: Global private debt exposure (senior and mezzanine) with unique liquidity features in collaboration with leading private investment firm Partners Group

Investment philosophy & process

  • Macro: The team is top-down macroeconomic-driven and asset allocation across fixed income segments is its key added value. It works with proprietary macro indicators (with a 20-year track record)
  • Liquid: The team puts a strong focus on the liquidity of the instruments used to allow for efficient implementation of its allocation decisions (i.e. investing and divesting a segment)
  • Disciplined: The team believes in investment discipline to preserve returns and optimise risk–reward. It works with tailor-made pragmatic risk modelling tools, such as hands-on stress tests and real-time performance monitoring
  • Team-based: The team fosters a culture of complementary investment professionals challenging investment hypotheses from different angles

Global & Absolute Return Fixed Income’s offering overview

Cash Solutions

  • Cash enhance
  • Money market

Aggregate & Sovereign

  • Global aggregate 
  • Sovereign debt: US and Europe 

Credit

  • Investment grade credit: global, US, Europe and Switzerland 
  • Total return 
  • Hybrid debt 

High Yield

  • Global, US and European high yield via CDS indices 

Absolute Return*

  • Cash +2% 
  • Cash +4% 

Private Debt – with Partners Group 

  • Global private debt
Funds

Global & Absolute Return Fixed Income

Range of solutions including Cash Enhanced, Absolute Return, Total Return, Investment Grade Corporate and High Yield strategies

Our Range Offering
Head of Global & Absolute Return Fixed Income

Christel Rendu de Lint

Christel joined UBP in 2007. She has twenty years’ experience in economics and investments, and is a specialist in developed bond markets. She holds a masters’ degree in Economics & Finance from the University of St. Gallen and a PhD in Economics from the London Business School.

Deputy Head of Global & Absolute Return Fixed Income

Philippe Gräub

Philippe joined UBP in 2007 as Senior Portfolio Manager. Previously, he was Senior Portfolio Manager at Pictet Asset Management. He holds an MSc in Physics from the Swiss Federal Institute of Technology and an MSc in Financial Mathematics from the Ecole Polytechnique in Paris. He is also CFA charterholder.

  1. as at 31 December 2017

* The above-mentioned targets/limits/objectives are to be considered over the minimum recommended investment period and do not constitute a commitment as there can be no assurance that they will be achieved. They are subject to the realisation of UBP’s market assumptions and can by no means be considered a guarantee of future performance.

 

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Institutional clients

With a team of more than 200 people, UBP Asset Management has built an on-the-ground presence in the world’s major markets through organic growth and selected partnerships.

Our fund range

Funds

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Insight 20.06.2018

Managing political risk in EM

There are around 80 countries in which we can invest, so we may have to contend with up to 20 elections a year. This does not call for being either cautious or bullish, but for being politically aware and having a process for assessing political risk. In our case this means understanding the economic impact of different outcomes, working out which ones have been priced in, and monitoring opinion polls.