Fixed income opportunities are out there if you know where to look for them and have the tools to unearth them. At Invesco, the Active Multi-Sector Credit Strategy centers on four pillar asset classes – global high yield, bank loans, emerging market debt, and global investment grade – and has sufficient flexibility to be tilted at any point in the cycle to modify risk levels as dictated by market fluctuations. This full-cycle strategic aspect is accompanied by tactical allocation bands which allow portfolio managers to opportunistically position the overall strategy. Identifying such potential opportunistic plays was the topic of conversation when II recently spoke with three members of Invesco’s Fixed Income Multi-Sector Team: Ken Hill, Senior Portfolio Manager; Rahim Shad, Senior Analyst; and Dawn Silvia, Senior Client Portfolio Manager.
Looking at the macroeconomic landscape, what has happened recently that gives context to why a multi-sector opportunistic credit strategy makes sense right now?
Ken Hill:Long maturity yields are near record lows, so the search for reasonable returns in fixed income is becoming more intense and puts extra importance on the ability to search globally for investment opportunities across a wide range of asset classes and sectors. But there’s a lot of risk out there – rising geopolitical risk, specifically U.S./China trade tension, Brexit, and the impeachment process in the U.S., and the search for returns should take those risks into account. Our multi-sector credit strategy is designed to opportunistically dial risk up and down, so we can potentially provide sufficient returns without taking undue risk.
是否有特殊的商业部门，您正在关注企业的机会？
拉希姆鲥鱼：For the most part, the opportunistic strategy is business sector agnostic because we’re trying to position investors wherever the best opportunities emerge. That said, thematically speaking, we have been pretty consistent in liking 5G and network technology, starting four years ago or so when we determined connectivity would be central in the push toward automation. Now that the picture of the timeline is a little clearer on the execution of 5G itself, we’ve started looking deeper into derivative plays on both the service side of things and equipment – the infrastructure and lifeblood of these technologies. As 5G rolls out over the next few years we’ll see the possible benefits of the first derivative plays, then it should trickle down into second derivatives.
人工智能怎么样？
鲥鱼：We obviously watch it and there are implications, but a lot of the companies working on AI are startups that have no debt. It’s going to impact everything we were just talking about eventually, but at the moment we don’t have any direct AI plays.
机会通过信贷部门的镜头看起来不同吗？
Hill:我们认为BBB信贷是一个有趣的故事，我们表示在我们的机会主义桶中。BBS在历史上昂贵，因为今年到目前为止，高产投资者已经提出了质量，我们觉得堕落的天使 - BBB降级为高收益的叙述 - 有点过度。我们喜欢的BBB公司是大公司，具有大量的自由现金流，这些公司最近表明了减少杠杆的能力和意愿。
您的一部分策略侧重于私营公司。你在其中看到了什么优势？
鲥鱼：We look for opportunities across the spectrum, and overall that’s an expansive set. In that context, depending on which index you reference, up to a third of the companies are private. Compared to public companies, it’s more challenging to gather information on privates, but we welcome that challenge because we have an advantage in those situations.
如何表现如何表现出这样的优势？
鲥鱼：我们觉得我们将有信息优势。这不是一个神奇的公式。例如，我们对过去几十年来的赞助商的经验有助于我们避免某些情况，因为他们意识到债权人正在寻找哪些债权人，并且我们过去有一个非常好的体验。
我们也被归于市场在市场上发生冲突的源泉的公司，因为这真的是机会将会在哪里。当您通过我们的研究过程时，您可以获得具有良好意见的报酬。
第三个场景是落入cra的名字cks because it’s off-index or just not as well-covered by analysts as it should be. The street may be covering it, but perhaps it has traveled across two or three different analysts.
Sticking to the private realm, do smaller companies offer an opportunity advantage as well?
鲥鱼：There’s a potential advantage any time an issuer is less followed. You can get more information on it if you stick to it and dig deep. There could be hidden value that’s easily missed by eyes covering the wider market.
安全地说，私营公司的机会与您的研究流程密切相关？
鲥鱼：是的，我们的进程的关键组成部分是它允许我们在分析师，部门和地区级别设定风险。我们的观点总是向前看，因为我们希望看到这些信用额在哪里。我们正在寻找一个正常的学分看法，而不是试图挑选顶部和底部。这意味着我们确定了公司的大图片视图，这对于建立推动我们内部分级和投资过程的估值非常重要。
Speaking of risk, how do you integrate risk mitigation into high-yield credit?
Hill:我们所有的高收益率选择都通过内置保障的广泛的信用审查流程，以确保我们投资的名称是转变故事或免费现金流动公司。这是由整个高产量团队审查的，从分析师到高产团队的最高成员。
Also, because of the way our holistic strategy is designed, we have a full suite of hedging tools at our disposal, so we can control credit risk at the overall portfolio level. So, there are two separate layers ensuring that credit risk is managed in the portfolio.
您是否将这种类型的团队合作和哲学视为您的多部门信用策略的差异化因素？
黎明西尔维娅：我们的平台对我们来说真的是一个优势，因为它确保我们的固定收入团队中的每个人都在整个部门沟通。而不是孤立的小团队，我们与整个组织的同龄人分享并与同行合作。我们在全球14个地点中有团队成员，平台允许每个人访问实时数据和信息。每天早上我们都有一个全球团队呼叫并涵盖每个资产类别，但同样重要的是我们听到声音，并了解世界各地的不同投资中心的人，所以当我们有一个问题时，我们可以拿起电话给他们打电话。
如果我们看到一些值得注意的事情，我们将把地球各地的所有不同资产类别的人民一起拉到全球各种各样的早期预警系统 - 以识别突破趋势或可能似乎从轨道排出的东西。
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本文是对我们机构投资者使用亚博赞助欧冠Only. Content was developed in November 2019. This is for informational purposes only and is not an offer to buy or sell any financial instruments. As with all investments there are associated inherent risks. This should not be considered a recommendation to purchase any investment product. The opinions expressed in this article are those of the authors and are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals.
资产分配，多样化和低或负相关性不能保证利润或消除损失的风险。替代产品通常持有更多非传统投资，并采用更复杂的交易策略。考虑替代方案的投资者应该了解他们使用的策略的独特特征和额外风险。前瞻性陈述不保证未来结果。它们涉及风险，不确定性和假设。无法保证实际结果与预期没有实质性的结果。
Institutional Separate Accounts and Separately Managed Accounts are offered by Invesco Advisers, Inc. and other affiliated investment advisers, which provide investment advisory services and do not sell securities. Invesco Advisers Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities.
NA11927.