- Fixed Income Portfolio Manager
United States, Institutional
Change
highlight_off
Thank you for your registration
You will shortly receive an email with your unique link to our preference center.
The views expressed are those of the author at the time of writing. Other teams may hold different views and make different investment decisions. The value of your investment may become worth more or less than at the time of original investment. While any third-party data used is considered reliable, its accuracy is not guaranteed. For professional, institutional, or accredited investors only.
While stocks and bonds comprise most of the public capital markets, there’s a large, growing universe of securities sitting in between these traditional asset classes. Capital securities — an eclectic group worth more than US$1 trillion globally — include various types of hybrid securities that share both bond and equity characteristics and earn equity capital treatment. Structural nuances of each security determine how much capital treatment they might receive from a regulator or ratings agency, as well as how “bond-like” or “equity-like” each behaves (Figure 1).
Figure 1
Capital securities markets have grown over the last several years as corporations have diversified their funding sources beyond traditional asset classes. This trend has accelerated recently, particularly in the convertible bond, mandatory convertible preferred, and junior subordinated debt markets.
We believe this broadening of capital markets expands the toolkit available for investors and issuers alike as both parties can opt for the piece of the capital structure best fit for their purpose. Investors can determine whether they prefer more bond-like or equity-like exposure to a certain issuer. Issuers can decide how a given structure optimizes for specific needs, such as lowering interest expense, improving capital ratios, or minimizing dilution (Figure 2).
Figure 2
Investors able to move across the capital structure have a distinct advantage because market-specific dynamics can cause prices of certain types of securities to diverge from fundamentals, creating alpha opportunities. We find convertible bonds to be particularly compelling today as their prospect for equity participation compares favorably to the limitations of generally tight spreads and call constraints across most parts of corporate credit. We believe recent issuance trends will continue as both investors and issuers embrace the value in a broader array of capital markets.
Expert
Related insights
Showing
of
Insights Posts
Video
4 min
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Weekly Market Update
Continue readingBy
event
4 min
Video
2027-03-31
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Article
4 min
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
The economy needs more competition. AI can make that happen.
Continue readingBy
event
4 min
Article
2027-03-25
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Article
4 min
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Three ways to reset credit portfolios for a more volatile world
Continue readingMultiple authors
event
4 min
Article
2027-03-31
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Video
5 min
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Rapid Fire Questions with Campe Goodman - 1st Year of Trump 2.0
Continue reading
event
5 min
Video
2027-03-31
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Article
3 min
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
FOMC: Holding the line amid geopolitical crosscurrents
Continue reading
event
3 min
Article
2027-03-31
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Article
3 min
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Chart in Focus: Diversifying for different macro regimes
Continue reading
event
3 min
Article
2027-03-27
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Article
6 min
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
A dedicated cash-balance strategy: Why now?
Continue reading
event
6 min
Article
2027-03-31
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
URL References
Related Insights
Get our latest market insights straight to your inbox.
highlight_off
Thank you for your registration
You will shortly receive an email with your unique link to our preference center
Read next
Showing
of
Insights Posts
Video
4 min
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Weekly Market Update
What do you need to know about the markets this week? Tune in to Paul Skinner's weekly market update for the lowdown on where the markets are and what investors should keep their eye on this week.
By
event
4 min
Video
2027-03-31
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Article
4 min
Market disruptions
Yielding insights
Global
Commodities
Equity
Fixed income
Liquid alternatives & hedge funds
Multi-asset
Article
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
The economy needs more competition. AI can make that happen.
Brij Khurana believes that as AI evolves, it will challenge traditional business moats and revitalize competition across industries. This transformation could lead to increased productivity, higher real wages, and stronger economic growth.
By
event
4 min
Article
2027-03-25
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Article
4 min
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Three ways to reset credit portfolios for a more volatile world
Our experts, Fixed Income Portfolio Managers Campe Goodman and Rob Burn, and Investment Director Raina Dunkelberger, explore how to reset credit portfolios for a more volatile world.
Multiple authors
event
4 min
Article
2027-03-31
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Video
5 min
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Rapid Fire Questions with Campe Goodman - 1st Year of Trump 2.0
In this edition of “Rapid Fire Questions,” fixed income portfolio manager Campe Goodman shares his assessment on the first year of Trump 2.0, and perspectives on why he remains constructive on fixed income, and where he is finding attractive opportunities.
event
5 min
Video
2027-03-31
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Article
3 min
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
FOMC: Holding the line amid geopolitical crosscurrents
Fixed Income Portfolio Manager Jeremy Forster discusses the Fed's cautious stance amid geopolitical tensions, inflation risks, and labor market dynamics.
event
3 min
Article
2027-03-31
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Article
3 min
Chart in Focus
Diversification
Global
Commodities
Equity
Fixed income
Multi-asset
Asset allocation
Article
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Chart in Focus: Diversifying for different macro regimes
Against the backdrop of heightened geopolitical uncertainty, our experts Alex King and Joshua Riefler explore how to optimise diversification across different macro regimes.
event
3 min
Article
2027-03-27
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Article
6 min
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
A dedicated cash-balance strategy: Why now?
Members of our LDI Team explain why the time might be right for some corporate DB plans to consider adding a dedicated cash-balance approach to the liability-hedging allocation.
event
6 min
Article
2027-03-31
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Article
5 min
Inflation
Monetary policy
Commodities
Equity
Fixed income
Liquid alternatives & hedge funds
Multi-asset
USA
Article
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
The Fed’s growing footprint on the market has a cost
Brij Khurana explains what the Federal Reserve's balance sheet expansion may mean for inflation and asset prices.
By
event
5 min
Article
2027-02-26
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Article
2 min
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Chart in focus: Rethinking the bond mix
Alex King and Josh Riefler explore the evolving role of global government bonds in portfolios against a backdrop of tight spreads.
event
2 min
Article
2027-03-31
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Article
11 min
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Cash-balance and traditional liabilities: An integrated investment approach
Members of our LDI Team offer ideas on how best to integrate traditional and cash-balance liabilities in a corporate DB plan’s investment strategy.
event
11 min
Article
2028-02-28
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Article
4 min
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Housing affordability directives not a silver bullet
Our Fixed Income Portfolio Managers profile housing affordability directives, examining their modest effects on mortgage rates and institutional buying restrictions.
event
4 min
Article
2027-02-28
Archived
info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
URL References
Related Insights
contact us
legal Information
© Copyright 2026 Wellington Management Company LLP. All rights reserved. WELLINGTON MANAGEMENT ® is a registered service mark of Wellington Group Holdings LLP. For institutional or professional investors only.
Enjoying this content?
Get similar insights delivered straight to your inbox. Simply choose what you’re interested in and we’ll bring you our best research and market perspectives.
highlight_off
Thank you for joining our email preference center.
You’ll soon receive an email with a link to access and update your preferences.