Fixed Income

How Brightwell combines external credit managers and in-house LDI

Brightwell, asset manager for the BT Pension Scheme, explains why it manages its liability-driven investment strategy in-house but has turned to external managers in its cash flow-driven strategy.

Sarah RundellSeptember 17, 2024

ATP returns hit again by large allocation to bonds

Sarah RundellSeptember 3, 2024

Stock-bond correlation ‘shock’ prompts portfolio rethink

Simon HoyleJune 3, 2024

PGGM revamps fixed income; focuses on liquidity

Sarah RundellFebruary 8, 2024

Japanese corporate pension funds navigate uncharted waters

Chikafumi HodoDecember 19, 2023

Penn PSERS trims leverage, adds fixed income and hones in on fees

The $71.9 billion Pennsylvania Public School Employees' Retirement System has reduced net leverage, added fixed income and continues to shave costs off its external investment management fees, mostly by reducing private allocations. The trimming and shifting of the portfolio is part of an adjusted SAA responding to ongoing market changes.

Sarah RundellSeptember 12, 2023

MN: A new private debt allocation that integrates ESG

Fixed income at fiduciary manager MN will now include private debt. Markus Schaen explains the challenges of building out the portfolio alongside MN's client funds' strict ESG priorities. He also explains how for some ESG-conscious investors ESG integration and impact is more important than outperformance.

Sarah RundellAugust 22, 2023

Asset Classes

Positive stock and bond correlation will make portfolios more volatile

Today's positive stock-bond correlation means balanced portfolios will be more volatile without the natural hedge that bonds have long provided to stocks.

Ben HurleyDecember 20, 2022

Investor Profile

Real assets a haven in likely stagflationary environment

An overweight position in real assets and private equity, and an underweight to equities and bonds positioned the Ohio School Employees Retirement System for success in the last year but CIO Farouki Majeed is now even more convinced a stagflationary environment is likely and is positioning the fund accordingly.

Amanda WhiteAugust 16, 2022

Investor Profile

NBIM charts 25 years of investing in fixed income

The $1.23 trillion Norwegian sovereign wealth fund celebrates 25 years of investing in fixed income. Sarah Rundell looks at some of the highs and lows of its fixed income portfolio which makes up around 30 per cent of fund.

Sarah RundellOctober 11, 2021

Fixed Income

Braving the unknown: high yield debt

Option-adjusted spreads for US high yield are above 700 basis points, a stress event threshold only breached four other times in the last two decades. Mercer's Nathan Struemph examines the considerations for investors looking at these investments including the range of return outcomes in prior stress events, the path investors had to experience in reaching those outcomes, and the impact of implementation timeliness on returns.

Nathan StruemphJuly 21, 2020

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Fixed Income

Featured Story

How Brightwell combines external credit managers and in-house LDI

Investor Profile

ATP returns hit again by large allocation to bonds

FIS Toronto 2024

Stock-bond correlation ‘shock’ prompts portfolio rethink

Investor Profile

PGGM revamps fixed income; focuses on liquidity

Japan in focus

Japanese corporate pension funds navigate uncharted waters

Asset Allocation

Penn PSERS trims leverage, adds fixed income and hones in on fees

Fixed Income

MN: A new private debt allocation that integrates ESG

Asset Classes

Positive stock and bond correlation will make portfolios more volatile

Investor Profile

Real assets a haven in likely stagflationary environment

Investor Profile

NBIM charts 25 years of investing in fixed income

Fixed Income

Braving the unknown: high yield debt

California Public Employees Retirement System (CalPERS)

ABP/APG Asset Management

California State Teachers Retirement System (CalSTRS)

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