Offering the best risk-adjusted yield

We have been present on the bond markets for more than 30 years. Our strategies benefit from extensive historical data that demonstrates the robustness of our process in different market cycles and the efficiency of a management approach that places credit analysis at its heart.

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Nicolas Forest
Global Head of Fixed Income
What characterises our management is the addition of three essential elements: the perfect knowledge of issuers, independent of the market and agency ratings, rigorous risk control and our ESG approach, in particular on two specific axes: governance and climate risk.

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Risk management at each step of our process

In our investment choices, we refuse to select issuers that cannot prove their full responsibility. Commitment to performance, rigorous risk control and the monitoring of ESG criteria are the hallmarks of our management.

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A full commitment

Our first conviction is to ensure the quality of the issuers selected in order to generate value for our clients’ portfolios. It is also important to us to support them in their ESG commitments to evolve towards a more virtuous business model.

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Expanding our field of action

We provide a range of investment solutions that covers the entire European and global bond market: from short to long term, from the least risky to the riskiest, with benchmarks or decorrelated from the markets. Our ESG range is categorised as Article 9 according to SFDR classification on all fixed income segments.

Figures are worth a thousand words. 

€42bn

AuM

4

Centers of expertise: Credit, Global bonds, Emerging Market Debt, Convertibles

100%

of the strategies employ ESG integration

38

Highly qualified investment professionals

Management with a fully independent view

Our investment philosophy is based on knowledge of the issuer, thanks to which we evaluate its capacity and motivation to repay its debt. We devote a great deal of effort to developing our own fundamental opinion of companies, independent of market valuation and agency ratings. This independent view is the cornerstone of our management.

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Considering climate risk a top priority

Our investment philosophy places emphasis on strong knowledge of the governance of the issuer and its risk with regard to climate change – a non-tangible risk today could become a major differentiating factor tomorrow. We are determined to be fully aware of any risk taken in order to anticipate potential defaults.

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Deploying alternative strategies

We prioritise conviction-based management on attractive asset classes (high yield, emerging), absolute return strategies in all bond segments seeking low-rate alternatives, and responsible management in response to societal and regulatory challenges.

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Find out more

  • All our publications
  • Meet our experts
  • Candriam in the press

Main risks on Bond Strategies

  • Risk of loss of capital
  • Equity risk
  • Interest rate risk
  • Credit risk
  • High Yield risk
  • Risk on Cocos
  • Currency risk
  • Liquidity risk
  • Concentration risk
  • Derivative risk
  • Counterparty Risk
  • Arbitrage risk
  • Emerging market risk
  • Risk on Chinese debt through Bond Connect

Latest analyses

  • Fixed Income, Monthly Coffee Break

    Mixed picture

    October offered a mixed picture following a bruising first three quarters. The Bloomberg Global Aggregate Index was down 0.55%, driven primarily by losses in US Treasuries. However, investors in some segments of the credit markets, especially EUR HY, USD HY and to a lesser extent EUR IG did see positive performance. Most Inflation-Linked Bonds markets with the exception of the US also rallied on persistently high inflation.
  • Fixed Income, Richard Briggs, Sovereign Sustainability

    Lula’s Amazon stance appeals but will he deliver on the economy?

    Luiz Inacio Lula da Silva narrowly won the second round of Brazil’s election, beating incumbent Jair Bolsonaro. Initial fears that Bolsonaro wouldn’t accept the result, particularly if it was tight, have receded. Bolsonaro said that he would follow the constitution and play by the rules, while his chief of staff, acknowledged the defeat.
  • Fixed Income, Nicolas Forest

    Budget, monetary policy... The match is on!

    It is rather unusual for a President of the French Republic to openly criticise European monetary policy. A guardian of monetary orthodoxy, the European Central Bank’s (ECB) mandate is well known by all: to keep inflation close to 2%, regardless of budgetary policy.
  • Fixed Income, Monthly Coffee Break

    UK gilts in the eye of the storm

    After registering losses in August, there was no reprieve for fixed income investors in September. All major asset classes posted negative returns, with the biggest falls coming in UK gilts.
  • Fixed Income, Monthly Coffee Break

    Negative performance across the board

    After a respite in July, August saw negative performances across the board for almost all asset classes. In G10 rates, investors in Japan suffered the least (-0.97%), whilst the UK posted the largest losses (-6.36%), followed by EMU peripherals at –5.34%. EMU core markets fared somewhat better at -4.71%, but with a sizeable distance away from US government bonds at -2.73%. Breakevens were positive across the board, although barely so in the eurozone.
  • Fixed Income, Nicolas Forest

    Global Sovereign Bond Yield - Catch them while you can!

    Recent rises in inflation -- to levels not seen in decades -- have negatively affected returns across most asset classes. Rate rises have been some of the steepest seen in many decades. In the current environment, as we move further into resolute central bank tightening, we may see a considerable cooling down in global economies.
  • Fixed Income, Monthly Coffee Break

    Geopolitical tensions continue to weigh on investor sentiment

    The performance of financial markets improved in May, with US markets posting a positive performance for the first time this year. Equities rebounded from their lows of May 19th and the greenback weakened while EUR/USD rebounded towards 1.07.
  • Fixed Income, Nicolas Forest

    ECB Hike

    The time was July 2011. Despite the eurozone debt crisis, Jean-Claude Trichet raised the ECB’s key rate to 1.50%. He needed to combat inflation, which was dangerously close to... 2.50%. We all know what followed, traumatising many a bond investor facing deflation in Europe and the debt crisis in the weaker European nations.

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