Overview
Model-Driven, Risk-Aware Credit Investing
Our process seeks to capture many small, disciplined sources of excess return rather than relying on a limited number of concentrated positions. Persistent inefficiencies in credit markets — driven by institutional constraints, market segmentation and investor behavior — create opportunities for a model-driven process to identify attractive exposures consistently and at scale. Diversified across hundreds of issuers and held to rigorous, research-based criteria, these small, uncorrelated positions are designed to outperform passive indexing while behaving differently from traditional fundamental credit.
Complements Fundamental Active
Our systematic approach focuses on evaluating broad credit universes consistently and identify opportunities at scale that may be difficult to capture through fundamental coverage alone. Used alongside traditional active credit, we believe it can enhance diversification and support portfolio resilience.
Flexible, Transparent and Solution-Oriented
Our systematic approach is designed to adapt to different portfolio needs while maintaining a clear, repeatable investment process. We use research-based signals, disciplined portfolio construction and liquidity-aware implementation to help ensure every position reflects an intentional risk-return trade-off. The result is a transparent framework that seeks to give investors greater visibility into how decisions are made and how the strategy can complement broader credit allocations.
Systematic Credit: The Next Frontier in Credit Investing
A revolution in fixed-income trading has given rise to systematic credit, an innovative fixed-income investment approach. This next-generation approach to credit investing offers investors the potential for attractive, uncorrelated returns at a lower cost.
Advances in fixed-income trading and data availability have helped systematic credit emerge as an innovative strategy with the potential to reduce portfolio correlation to traditional fundamental credit strategies and drive outperformance potential over time through diversified exposure to multiple factors.
Philosophy
We believe a systematic, model-based approach to credit security selection can support consistency in risk-adjusted returns. Our approach is built on three core strengths: deep factor research, robust risk management and liquidity integration.
Risk management does not imply no risk.
Process
Our team evaluates a broad library of signals across carry, value, momentum, quality, size, volatility and alternative data in an effort to identify active opportunities in corporate credit markets.
Those insights are combined in a proprietary multifactor framework that integrates risk, liquidity and transaction-cost considerations. Portfolio managers review model outputs and implement portfolios with a focus on diversification, drawdown awareness and efficient execution.
Team
Managed by a veteran portfolio management team averaging more than 20 years of experience
Supported by a dedicated team of nine quantitative researchers and data engineers
Powered by CAPSTONE, our proprietary technology for signal research, portfolio construction and liquidity analysis
Portfolio Managers
Vice President, Senior Portfolio Manager
Head of Systematic Credit, Global Fixed Income
Senior Vice President, Chief Investment Officer, Global Fixed Income, Senior Portfolio Manager
Investment Outlook
View our latest Investment Outlook for a concise, easy-to-scan overview of current opportunities and risks created by today's global markets.