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Fixed Income

For over 30 years GAM has specialised in fixed income strategies. Over this time we have seen the asset class evolve significantly, and as times have changed, so has our offering. Our capabilities in this area allow our clients to access the most sophisticated strategies available.

Our in-house and external managers have built up enviable track records across fixed income asset classes, covering both traditional and alternative investment strategies. We offer a wide range of fixed income funds with a variety of objectives and risk profiles to suit your investment goals.

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We offer a range of solutions within developed market fixed income. These include strategies focused on:

Global

We offer a range of strategies investing primarily in the government bonds of developed economies but may also include allocations to corporate credit, emerging market debt and currencies in accordance with the strategies’ guidelines. These strategies seek to limit downside risk, focusing on trade design, diversification and the maintenance of high levels of liquidity.

Inflation Linked

This strategy offers the opportunity to achieve real long-term capital protection on an inflation-adjusted basis. It has a focus on inflation protection, which can offer clear enhancement to a portfolio’s risk-return profile by consciously reducing interest rate sensitivity and volatility. 


See Our Fixed Income Fund Range

We offer a range of solutions within emerging market fixed income. These include strategies focused on:

Blend

This strategy focuses on identifying the best emerging market debt ideas from the widest possible opportunity set. This is an active, unconstrained strategy, able to access government and corporate bonds denominated in both hard and local currencies, as well as individual country currencies.

Inflation Linked

This is one of the first strategies to offer pure exposure to emerging market inflation-linked government bonds. This strategy enables investors to gain exposure to the high structural growth rates and real yields available in many emerging markets, whilst protecting against inherent inflation risk by turning this to the advantage of investors.

Credit

This strategy invests in a broadly diversified portfolio of corporate bonds from emerging market issuers. This strategy is actively managed and taps GAM’s long-standing capabilities and expertise in managing corporate and emerging market fixed income assets.

Hard Currency

This strategy provides access to a strongly-growing segment of the fixed income market, tapping the increased credit-worthiness of companies from emerging markets while taking advantage of the higher yields available.

Local Currency

This strategy combines fundamental, macroeconomic analysis with an active, eclectic investment approach. This strategy develops themes that capture and exploit inefficiencies within emerging markets.


See Our Fixed Income Fund Range

We offer a range of specialist solutions within credit. These include strategies focused on:

Hybrid and Junior Corporate Debt

Invests in Junior or Subordinated Issues of predominantly investment grade or higher quality issuers to obtain higher yields while limiting default risk.

This strategy exploits market inefficiencies by utilising GAM’s unique expertise in niche corporate credits, such as undated, floating-rate and fixed-to-floating debt instruments.

Insurance-linked securities (catastrophe bonds)

This strategy offers returns with low correlation to mainstream financial markets, with performance driven primarily by the occurrence or absence of well-defined, extreme natural events. These securities display a low sensitivity to movements in interest rates as they are typically issued as short duration, floating-rate notes paying quarterly coupons, thereby minimising duration risk.

Mortgage-backed securities (MBS)

This strategy seeks to exploit frequent mispricings in one of the most inefficient and overlooked segments of the fixed income universe: the US residential MBS market. The strategy takes an active, total return approach with a focus on yield, capital appreciation and downside protection while aiming to generate returns with low volatility, modest effective duration and low correlation to traditional fixed income and equity markets.

Asset Backed Securities (ABS)

This strategy invests in a diverse range of European-issued ABS. These securities are typically floating-rate, offering protection from rate changes. The ABS market exhibits a considerable degree of pricing inefficiency and this can create opportunities for active managers. Within the ABS market the strategy focuses on the senior part of the capital structure with a focus on liquidity.


See Our Fixed Income Fund Range

GAM offers a fully integrated approach to commercial real estate debt (CRE) investing, seeking to generate regular income and strong risk-adjusted returns through direct lending in Western Europe.

We have a dedicated team of 11 experienced CRE investment professionals with a proven track record of finding pockets of value in underserved or overlooked areas of the CRE market. The team has deep expertise in originating, underwriting, executing and managing loans while actively avoiding more crowded areas where asset prices may become overheated and margins squeezed.

Originating and structuring directly with borrowers:

  • Exceptional CRE lending expertise: Our team, which joined GAM from alternative lending specialist manager Renshaw Bay LLP in October 2015, is led by three senior Investment Managers who average 20 years’ CRE experience. Their expertise has been built across market cycles at property companies and in real estate and loan divisions of top tier banks.
  • Unique terms of investment: Our direct lending approach allows our team to conduct in-depth due diligence to identify assets with sustainable values, whilst also enabling them to fully understand the inherent risks. The relationships they build with borrowers allows them to control pricing, structuring and terms in order to mitigate risk and build in conservative covenants at a level not available from secondary loans. 
  • Providing whole loan solutions: Our holistic approach enables the team to structure the loan in a well-considered way to enhance returns whilst minimising risk. This is achieved by optimising each component of the loan, and creating the flexibility to retain, syndicate and/or leverage each piece as appropriate for the portfolio.

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