FI

Fixed income

With more than USD 400 billion in assets under management, we are a leader in fixed income. From broad market solutions to strategies based on specific duration, geographic or sector parameters, we have the capabilities to help meet our clients’ needs.

Fixed income assets managed firmwide

USD 435 B

Fixed income investment professionals

253

Average years' experience

18

ROBUST FIXED INCOME RESOURCES

Our fixed income capabilities span all publicly traded sectors. We seek to combine top-down and bottom-up inputs to identify and exploit fixed income market inefficiencies around the world. Macroeconomic analysts and market strategists identify top-down structural and cyclical risks and opportunities, while our bottom-up, fundamental research draws on insights from fixed income, equity, commodity and currency analysts. This broad and deep perspective, along with access to company management teams, can help us anticipate changes in issuers’ capital structures before they are priced into securities.

Fixed income investments have the potential to generate income, mitigate downside risk, diversify a portfolio and/or enhance returns. We offer approaches that target all of these objectives.

Specialised expertise across sectors and regions

Wellington Management’s fixed income investment professionals — specialist portfolio managers, market strategists, sector experts and more than 50 credit and quantitative analysts — are based in the UK, the US and Hong Kong. Each portfolio management team is independent and empowered to make investment decisions for the strategies it oversees. Our fixed income managers draw on Wellington’s global resources to access varied sources of return as they seek to generate more consistent performance across varied market environments.

Featured video:  Wellington’s bond portfolios are informed by expert perspectives across regions and asset classes. Hear Fixed Income team members explain why they leverage research insights spanning equities, credit, ESG and more.

DEPTH, EXPERIENCE AND CONTINUITY

Our private partnership structure helps us to attract and retain world-class investment talent and allows us to align performance incentives for our professionals with the achievement of client objectives. This has contributed to the depth, experience and continuity of our fixed income investors.

Our experienced team of over 200 dedicated fixed income professionals includes portfolio managers, credit, currency and quantitative analysts, traders and strategists.

Differentiators

Independent, empowered and accountable teams

Each specialist team makes its own decisions for client portfolios. We believe this independence can help generate more consistent performance across market environments by diversifying return sources.

Expertise spanning sectors, asset classes and investment disciplines

Our fixed income strategies benefit from being part of an integrated investment platform that spans all major asset classes and draws on Wellington’s multi-disciplinary research capabilities.

Collaboration among specialists

Our specialised fixed income professionals develop insights on every major sector and region — and they are incented to share those insights across the firm.

Sophisticated tools for risk management and portfolio construction

Proprietary quantitative tools for building portfolios, managing risks and assessing liquidity support alignment with client objectives.

EXAMPLES OF OUR PROPRIETARY FIXED INCOME TOOLS

FIXED INCOME PORTFOLIO MANAGEMENT TOOL (FI-PMT)
  • Allows portfolio managers to monitor exposures by country, currency, sector, credit quality and duration range, in real time, in both absolute and benchmark-relative terms.
LIQUIDITY EVALUATION FRAMEWORK (LIEF®)
  • Creates point-in-time estimates of a portfolio’s liquidity in all market conditions.
FIXED INCOME RISK ENGINE (FIRE)
  • Provides a comprehensive array of risk statistics at portfolio, sector and individual security levels, including what-if scenarios.
Jim Valone

Emerging markets debt managers can get lost in the trees — it can be hard to see the forest. Our advantage is being an emerging markets boutique in the midst of all of Wellington’s global resources. If our team was extracted from the firm, we wouldn’t do nearly as well.

Jim Valone, Fixed Income Portfolio Manager​

A WIDE ARRAY OF FIXED INCOME SOLUTIONS

Running the full gamut of the world’s fixed income opportunities, our solutions are designed to meet the varied objectives of our clients across geographic, duration and credit-risk dimensions.

Representative strategies: Broad market

Global/regional global bond

  • Australian Government Bond Plus
  • Canada Long Bond Plus
  • Europe Aggregate
  • Global Aggregate
  • Japan Core Bond Plus

US core/long duration

  • Core Bond
  • Intermediate Bond
  • Long Bond

US short duration

  • Short Bond
  • Short-Term Cash
  • Ultra Short Duration

Sector rotation

  • Multi-Sector
  • Unconstrained
Representative strategies: Absolute/total return

Absolute/total return

  • Global Total Return
  • Opportunistic Fixed Income
  • World Bond
Representative strategies: Sector

Credit

  • Global Corporate
  • Global Credit
  • Global Credit Plus
  • US Corporate
  • US Long Corporate

Emerging markets debt

  • Emerging Local Debt
  • Emerging Markets Debt
  • Opportunistic Emerging Markets Debt

High yield

  • Bank Loans
  • Capital Spectrum
  • Global High Yield
  • Short Duration High Yield
  • Upper Tier High Yield
  • US Core High Yield

Inflation-linked

  • Global Inflation-Linked
  • Opportunistic Inflation-Sensitive Bond
  • TIPS

Municipals/crossover

  • Crossover
  • Municipals

Securitised

  • Agency MBS
  • Collateralised Loan Obligations
  • Securitised Credit

This is not an all-inclusive list of strategies that may be offered. Investments involve risks including possible loss of principal. This is not to be construed as investment advice or a recommendation to buy or sell any security. Please review important Investment Risks & Definitions.

VEHICLES

Wellington clients can invest in many of our investment approaches through separate accounts and an array of funds. For more information about investing in a separate account or US fund, please contact us. For information about our global funds, visit Wellington Management Funds.

All figures as of 31 March 2020

EXPLORE RELATED INSIGHTS

Opportunistic investing: 20 years, 8 lessons
Multi-Asset Portfolio Manager Brian Garvey humbly reflects on 20 years of opportunistic and thematic investing.
September 2020
Opportunistic investing: 20 years, 8 lessons
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A COVID-era guide to fixed income
Investment Directors Anand Dharan and Amar Reganti lay out their proposed framework for building a more resilient fixed income allocation that is equal to the challenges of today's environment.
August 2020
A COVID-era guide to fixed income
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Credit research looms large in the era of COVID-19
In the wake of severe credit-market dislocations earlier this year, Fixed Income Portfolio Manager Mahmoud El-Shaer shares his thoughts on the growing importance of credit research in a still-uncertain environment.
August 2020
Credit research looms large in the era of COVID-19
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Replacing the protective role of bonds in client portfolios
Have bonds, by themselves, become unequal to the task of offsetting portfolio drawdowns? Multi-Asset Strategist Nick Samouilhan believes they have and argues for a multi-pronged downside mitigation approach in today’s environment.
July 2020
Replacing the protective role of bonds in client portfolios
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Imbalanced credit markets create opportunities
Learn why we believe today's credit market dislocations will persist into the future, providing exploitable inefficiencies for opportunistic fixed income investors.
July 2020
Imbalanced credit markets create opportunities
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Dislocation, dispersion, dysfunction and distress: why credit markets call for alternative strategies
Amid the historic economic and market turmoil of the COVID-19 crisis, we believe underlying credit market conditions have yielded a variety of potential investment opportunities. In this paper, the authors outline four drivers of opportunity and consider the role different alternative credit strategies may play in pursuing them.
June 2020
Dislocation, dispersion, dysfunction and distress: why credit markets call for alternative strategies
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Are investors prepared for LIBOR’s demise?
The upcoming sunset of LIBOR will mark a significant change for fixed income markets. Our team explains why thoughtful planning and preparation will be critical to a successful transition for client portfolios.
June 2020
Are investors prepared for LIBOR’s demise?
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Calling all EUR income investors
Investment Specialist Jake Otto argues that lower hedging costs and a lagging European recovery may warrant a more globalised scope to these investors' fixed income toolkit.
June 2020
Calling all EUR income investors
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