你可以说有两种基本方法by multi-asset fixed income managers. There’s the conservative tack (think global aggregate), and in contrast, the home-run hitter who also frequently strikes out (think highly-leveraged portfolio). These two basic approaches are exposed to what the market is doing at any given moment, which can lead to up-and-down performance – a teeter-totter of returns.
但是呢multi-asset fixed income strategy built specifically to potentially deliver consistent and strong risk-adjusted returns？这策略看起来像什么？肯定，它必须朝着该目标进行宗旨，就像刘易法的主动多部门信贷战略一样。
“策略建设的优雅是，在信贷和速度周期中的任何时候都是多部门信贷的好时机，”悉尼人高收益高收益负责人高级投资组合经理Jennifer Hartviksen说。“它旨在提供高收益率的回报，在循环的全部过程中具有较低的波动曲线。所以，今天是我们在投资周期的地方的好处 - 但它在循环中总是一个好点，因为它是如何建造的。“
灵活性优雅设计的关键组成部分
Part of the elegance in the Invesco Active Multi-Sector Credit Strategy design is its flexible nature. Within four pillar asset classes – global high yield, bank loans, emerging market debt, and global investment grade – the portfolio can be tilted at any point in the cycle to add risk or be risk averse. This full-cycle strategic aspect is accompanied by tactical allocation bands which allow portfolio managers to opportunistically position the overall strategy. There are also constraints on minimum and maximum exposure to each of the individual pillars (see below).
“One of the things that we think is unique about how the strategy is constructed is the risk-weighting of the pillar sectors,” says Ken Hill, Senior Portfolio Manager, Invesco Fixed Income Multi-Sector team. “Instead of equally weighting on market value to the sectors, we looked at past performance and spent a lot of time asking ourselves what, on a risk basis, would give each of these sectors an equal contribution.”
“策略是真正的信用产品，因为你会发现，”乔波特拉，高收益率和多部门信贷，邀请固定收入“。“我们不花很多时间担心持续时间，如果我们这样做的主要是为了资本保存。刘易郎削减了牙齿的信用，我们选择这四个资产课程的原因是因为对我们四四的核心竞争力的信念。风险调整与战略资产分配的名义权重真正迫使我们以风险术语思考。“
Prominent role for IG
Portera and his team don’t worry too much about duration because of the significant part investment grade (IG) credit plays in the strategy. “The proof is in the pudding. IG has probably been the top performer of the four pillars. And the duration exposure from IG provides a natural hedge to the leveraged credit exposure in this strategy, and we can certainly add to that should we choose,” he says.
IG公司和新兴市场（EM）债务账户对该战略的风险预算的投资一半的投资一半，在IG公司的任何地方占IG战术分配乐队的30％至60％（EM债务范围为0％至30％）。这些目前的范围展示了战略的灵活性。
“When we originally launched the strategy six years ago, we set a range of 40% to 70% for the investment grade component of the strategy, which gives us the flexibility to adjust the portfolio’s risk as market conditions evolve. This tactical band includes investment grade rated EM debt.” says Hartviksen. “The EM marketplace’s credit profile has weakened since the inception of the strategy, so we reduced the allocation to that sleeve about three years ago. However, at a minimum, 60% of what is in the EM bucket still has to be rated investment grade. We are very conscious of the fact that we don't want this to be a leveraged credit portfolio on an ego trip. We want to balance the potentially very good returns you can get from high yield, whether it’s bank loans or fixed rate securities, with the notion that the inherent risk needs to be controlled.”
据波特拉介绍，他竭尽全力强调“这不是你的普通香草，基准的IG投资组合的信贷支柱管理人员。事实上，这些战略的任何部分都是普通的香草。我们的信用支柱经理知道不要告诉我他们已经仅仅是一个名字，因为它是基准的重要组成部分。这不是我们的目标。我们的目标是在每个资产类别中提供最佳收入和资本升值机会。“
Performance tied to global teamwork
自2013年策略成立以来，与全球高产市场相比，它已经提供了类似的回报，较少波动，风险调整后的度量较少，最大缩小率明显较低（见下文）。这是邀请在邀请的团队合作中到期。在主动多部门信贷策略的伞下，每个信用资产类别的专家投资组合管理人员负责这些个人部门的组合，并与Portera，Hartviksen和Hill合作，负责策略的整体风险管理负责机会主义的桶。
“为了管理这样的策略，您需要一个在全球平台上的互联团队，在地理区域和各种固定的收入部分等各种固定的收入部分，如高产，投资等级和银行贷款，”Hartviksen说。“每个人都汇集了定期对话并分享想法。在邀请，这些团队每日，每周，季度和半年度的节奏聚集在一起。我们[Portera，Hartviksen和Hill]参加了各种各样的扇区，所以我们识别四个关键支柱之外的机会。因此，如果市政信贷是有吸引力的，我们可以把它放在战略中，我们还听到这些呼叫中的不同主题，例如石油或自然资源周围的那些，例如，当适当的时候，我们确保它们在投资组合中代表。我们的综合团队各自拥有自己的个人责任地区，这与我们的综合资产配置和风险管理相结合，这是使策略变得终身的原因。“
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