FI

Fixed income asset management

With more than USD 500 billion in assets under management, we are a leader in fixed income portfolio management. 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 512 B

Fixed income investment professionals

247

Average years' experience

18

ROBUST FIXED INCOME management RESOURCES

Our fixed income portfolio management 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.

SPECIALIZED 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 specialized 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.

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 asset management 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

Securitized

  • Agency MBS
  • Collateralized Loan Obligations
  • Securitized 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.

Fixed income investment 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 December 2020

EXPLORE RELATED INSIGHTS

US public debt: Is there a downgrade in the making?
US Macro Strategist Juhi Dhawan looks at the surging US debt through the lens of the credit rating agencies and offers thoughts on what it will take to avert a downgrade.
Archived insights remain available on the site. Please consider the publish date while reading these older insights.
publish
April 2021
US public debt: Is there a downgrade in the making?
,
publish
APAC Investment Forum 2021
Wellington specialists offer their views on the key themes transforming the investment opportunity set today.
Archived insights remain available on the site. Please consider the publish date while reading these older insights.
publish
March 2021
APAC Investment Forum 2021
,
publish
LDI Alert —<span><br>Adding intermediate credit to the derisking tool kit: What plan sponsors need to know</span>
With a growing number of derisking plans seeking exposure to intermediate credit, members of our LDI team highlight some notable differences between the intermediate and long-duration segments of the investment-grade market, as well as some key investment considerations.
Archived insights remain available on the site. Please consider the publish date while reading these older insights.
publish
March 2021
LDI Alert —
Adding intermediate credit to the derisking tool kit: What plan sponsors need to know
,
publish
Canadians’ credit conundrum
Fixed Income Investment Directors Amar Reganti and Anand Dharan make the case for Canadian investors to broaden the fixed income "toolkit," including a more diversified approach to credit investing.
Archived insights remain available on the site. Please consider the publish date while reading these older insights.
publish
March 2021
Canadians’ credit conundrum
,
publish
Bridging the gap in credit portfolios with a long/short strategy
Amid massive changes in the credit market and growing demand for fixed income diversification, the authors explain why long/short credit strategies could help round out a portfolio of traditional and private credit investments.
Archived insights remain available on the site. Please consider the publish date while reading these older insights.
publish
March 2021
Bridging the gap in credit portfolios with a long/short strategy
,
publish
EM debt: The winding path to post-COVID recovery
Fixed Income Portfolio Managers Kevin Murphy and Michael Henry are broadly constructive on EM debt for the remainder of 2021. However, country, sector, and issuer selection will be critical to navigating a still-risky landscape that remains dependent on continued liquidity support from the developed world.
Archived insights remain available on the site. Please consider the publish date while reading these older insights.
publish
March 2021
EM debt: The winding path to post-COVID recovery
,
publish
Cookie cutter or custom? Rethinking fixed income in DC plans
A custom, multi-manager solution may provide some compelling benefits and enable DC plan sponsors to take their fixed income offering to the next level for plan participants.
Archived insights remain available on the site. Please consider the publish date while reading these older insights.
publish
February 2021
Cookie cutter or custom? Rethinking fixed income in DC plans
,
publish
From globalization to a “zero-sum” game
Globalization has increasingly begun to backpedal amid rising populism and a renewed emphasis on global competition over cooperation. Fixed Income Portfolio Manager John Soukas and Investment Director Chris Doherty discuss the implications and the role of active management in this shifting landscape.
Archived insights remain available on the site. Please consider the publish date while reading these older insights.
publish
February 2021
From globalization to a “zero-sum” game
,
publish