Fixed income

A globally oriented service for a globally integrated world

From traditional to alternative – whatever your risk profile is, our fixed income range is designed to offer you a broad spectrum of capabilities even under the most challenging market conditions. By utilizing a range of investment vehicles and benchmarks, we can tailor our offering to meet your needs.

Delivering the best of our capabilities to you

From a globally integrated investment platform, our Fixed Income teams are able to offer a diverse product spectrum to meet the unique individual needs of clients from around the world. Our fixed income capabilities go beyond the 'core' government and corporate bond sectors and extend to other sectors such as high yield and emerging market debt as well as unconstrained and currency strategies. We combine these capabilities to create country, regional and global strategies and customized solutions with a wide range of benchmarks that are available through a variety of investment vehicles to retail and institutional clients worldwide.


Our expertise

Track record

We are a leading fixed income provider, managing more than USD 250 billion globally as of March 2019.

Globally integrated resources

With a dedicated team of 100+ fixed income investment professionals located across the globe and trading desks in Chicago, London, New York, Singapore, Sydney and Zurich we connect global expertise with deep local knowledge to align alpha opportunities and risk exposure.

Unique Insights

Our uniquely structured global credit research process offers you the best of our thinking from teams around the world. Our capability includes more than 25 credit analysts. We take a globally integrated approach, leveraging the links between credit and equity research.

Our investment approach

Our fixed income investment philosophy centers around three principal tenets:

Robust research process

To meet the demands of a globally integrated world, our robust research process connects our global overview with the insight of regional specialists.

Diversification of alpha sources

  • We diversify by time horizon, and by exploiting the full opportunity set: credit beta, credit sector, choice of security, duration, yield curve, and country allocation.
  • Further diversification comes from using a blend of judgement and models, combining top down macro inputs with bottom up security selection, as we seek to generate consistency of credit alpha.

Risk control

Risk control is an integral part of the fixed income investment process. It is not simply an adjunct.


Investment strategies

Global/US

Benchmark

Salomon Smith Barney World Government Bond Index

Objective

Maximize total return, consisting of both capital appreciation and current income, by investing in investment-grade global debt securities, with the majority of investments generally in sovereign, agency and supranational debt issues.

Benchmark

Salomon Smith Barney Non-US Government Bond Index

Objective

Maximize total return by investing in non-US fixed income markets, with the majority of investments generally in sovereign agency and supranational debt issues.

Benchmark

Barclays Capital US Aggregate Bond Index

Objective

Maximize total return, consisting of both capital appreciation and income, by investing in a wide range of US investment grade (at the time of purchase) fixed income securities.

Benchmark

Lehman Aggregate US Bond Index

Objective

Outperform benchmark and seek incremental return by investing in a diversified portfolio combining US investment grade (at time of purchase) bonds with opportunistic holdings in US high yield, emerging market debt and high-quality non-dollar fixed income securities.

Benchmark

Merrill Lynch High Yield Cash Pay Constrained Index

Objective

To provide high current income by investing in a diversified portfolio of higher-yield, lower-rated debt securities issued by domestic and foreign companies.

Other

Benchmark

J.P. Morgan Corporate Emerging Markets Bond Index Diversified

Objective

Seeks to outperform the benchmark by investing in emerging markets corporate bonds denominated in USD, and may also invest in emerging markets sovereign and/or quasi-sovereign bonds should corporate bond risk premiums over sovereign bonds be deemed unattractive.

Benchmark

J.P. Morgan Emerging Markets Bond Index Global (EMBIG)

Objective

Outperform benchmark by investing in a wide range of emerging market fixed income securities issued by sovereign, agency and corporate borrowers.

Benchmark

Citigroup 1 Year US Treasury Bill Index

Objective

Enhance yield through maturity extension and wider security selection while maintaining capital preservation by investing in investment-grade (at time of purchase) corporate debt, floating rate notes and cash equivalents.

Benchmark

Barclays Capital Municipal Bond Index

Objective

Maximize after-tax total return (yield plus capital gain or loss after federal and state taxes), while remaining within clients' risk tolerance guidelines.

Benchmark

Merrill Lynch 1-2.99 Year Treasury Index

Objective

Provide actively managed total return with emphasis on a valuation-based duration strategy by investing in investment-grade (at time of purchase) corporate debt, asset-backed securities, and US Treasurys and agencies.

If you would like further information please get in touch.

UBS Asset Management in the United States

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