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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Philippe Noyard
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.

Credit

Pioneers in the field of credit, by developing trailblazing strategies in High Yield, absolute return and labelled sustainable credit. The attention we bring to changes in the market, combined with our desire to innovate, has led us to create state of the art investment solutions to be able to better respond to the needs of our clients. Active on credit markets since the creation of the Euro in 1999, our historic presence and our size make us one of the leading European actors in the sector.

Risk analysis, a fundamental element

Emerging Market Debt

We believe that inefficiencies in Emerging Debt Markets create abundant long-term investment opportunities due to the multitude of credit, liquidity, market segmentation, policy, and geopolitical risk premiums.
External market environment or top-down factors are impossible to ignore as EMD is exposed to several global drivers like US Treasuries, Chinese growth, and Commodities. 

Our approach to Emerging Market Debt

Global Bonds

Interest rate movements, allocation between fixed income asset classes and sectors, credit selection and currencies are all potential sources of outperformance and absolute returns across our strategies.

Our approach to Global Bonds

Money Market

With more than 30 years of track record in money market solutions and a team of 40 fixed income investment professionals, we provide money market strategies that seek to accommodate a broad range of investor needs.

Our approach to Money Market

Figures are worth a thousand words. 

€30.2bn

AuM

4

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

100%

of the strategies employ ESG integration

41

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.

FUNDS

Do you want to know more about our funds?

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

    Positive view on EUR duration overall

    February was marked by a strong investor preference for risky assets, with equities on both sides of the Atlantic performing well.
  • Diliana Deltcheva, Charudatta Shende, Emerging Markets, Fixed Income, Credit

    Our 2024 Emerging Markets Debt Market Outlook

    With 2024 underway, many bond investors are still wondering how the environment for Emerging Markets debt will differ from that of 2023.. Indeed, it looks more benign for Emerging Market Debt ….
  • Fabrice Sauzeau, Alternative Investments, Fixed Income, Private Debt, Research Paper, Real Estate

    Real Estate Private Debt: Time to Act?

    Has commercial real estate reached its inflection point? With little transaction activity, price and index data are generated with a lag. Market prices can change much more rapidly than they can be aggregated and reported. Investors must rely on fundamental analysis and experience more than data to time the recovery.
  • Fixed Income, Credit, Nicolas Jullien

    Looking for uncorrelated returns and controlled volatility to navigate credit markets?

    In recent years, new structural trends have emerged, such as the polarization of the world, the re-localisation of supply chains, and the fight against climate change. These new trends are leading to higher inflation and lower growth. This new paradigm is having a significant impact on the financial situation of companies, and therefore on investment in corporate bonds. This calls for strategic adaptation on the part of investors. Adopting a strategy that aims to deliver a performance independent of credit market trends would therefore appear to be an investment solution worth considering in this new environment.
  • Fixed Income

    Huge supply at the beginning of the year

    After two months of heavy exuberance in November and December last year, January 2024 was marked by moderation. Returns across fixed-income asset classes were mostly muted as investors dialled back the prospect of rate cuts in Q1 while supply was huge at the beginning of the year.
  • Patrick Zeenni, Fixed Income, ESG, SRI, Credit

    A sweet spot for euro investment grade investors

    After 2022, which covered the end of a decade of monetary policy loosening, 2023 has been the year of the repricing of the whole interest rate curve. The end of Central Banks’ "higher for longer" mantra supported a steepening of the yield curves and repriced real interest rates which are back now in positive territory, for the first time in close to ten years.

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