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Nicolas Jullien
Global Head of Fixed Income
Risk analysis at the core of our credit process
In credit markets, risk is often revealed late — when liquidity tightens and fundamentals are repriced. Our process integrates downside and liquidity analysis at every stage, from idea generation to portfolio construction and ongoing monitoring, to help keep risk in its proper place while pursuing income.
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”In credit, the key is to only take risks that are thoroughly analysed, sized and continuously monitored. Our discipline is designed to prioritise downside awareness and liquidity resilience throughout the investment process.
A collaborative team
Our credit platform is built around close collaboration between portfolio managers and analysts. Convictions are formed through daily interaction and challenged through regular investment committee discussions.
The team draws on broader fixed income, macroeconomic and ESG expertise across Candriam, supporting consistent decision-making across market cycles.
Our analysis at the service of performance
Our credit decisions are grounded in fundamental issuer analysis, liquidity assessment and disciplined portfolio construction. ESG factors, particularly governance, are integrated as part of understanding issuer resilience and solvency.
This structured approach supports active management, allowing portfolios to adapt as risks evolve.
A flexible credit platform built around risk discipline
Our credit platform is designed to adapt to changing market conditions while remaining anchored in a consistent risk-first philosophy. Flexibility in implementation — across strategies, instruments and market environments — is supported by rigorous research, liquidity awareness and disciplined portfolio construction. This allows us to broaden opportunity sets without compromising on risk control.
Innovation across a broad credit spectrum
Candriam offers a diversified range of credit strategies spanning investment grade, high yield and specialist segments, implemented through both long-only and long–short approaches. Innovation is used to broaden the investment toolkit and adapt to evolving market conditions, while maintaining the same research depth and risk-first discipline across strategies.
Sustainable credit as a risk lens
Sustainability considerations are fully integrated into our credit analysis because they directly influence issuer resilience. Governance, environmental exposure and social factors are assessed as part of understanding cash-flow durability, access to capital and long-term solvency. Our sustainable credit strategies apply the same risk discipline as the broader credit platform, while aligning portfolios with defined ESG criteria and regulatory frameworks.
[1] Overlay management consists of adding a management step in the construction of a portfolio, in order to optimise its risk/return profile. This approach consists of either reducing the risk of the portfolio without excessively degrading performance, or, on the contrary, maximising return while maintaining control of associated risks.
Figures are worth a thousand words.
- €16.5bn AuM as of 31/12/2025
- 40 Fixed income experts at Candriam
- 0 Issuer defaults
- +20 Years investing in credit markets
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Main risks on Credit Strategies
- Risk of loss of capital
- Interest rate risk
- Credit risk
- High Yield risk
- Currency risk
- Liquidity risk
- Derivative risk
- Counterparty Risk
- Arbitrage risk
- Emerging market risk
- Risk on Chinese debt through Bond Connect
