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Global Rates: Expertly exploiting inefficiencies in markets

"Our team’s experience and specialist knowledge hunts out investment opportunities in interest rates and currencies globally"

~ Adrian Owens, Investment Director


Fund Changes Announced (20th November 2023)

GAM has entered into a partnership arrangement with Investcorp-Tages (“IVCT”) which sees the investment team of GAM’s Global Rates strategy moving to IVCT but continuing to manage the strategy for GAM as a delegated investment manager, similar to other successful relationships GAM has with external managers. Once the transition is completed, expected in the beginning of 2024, the fund will be co-branded and continue to be distributed by GAM, with IVCT also distributing the fund through its client channels. There will be no impact to GAM clients who will continue to be invested in a fund with a strong track record. The partnership with IVCT will also explore other opportunities for collaboration between GAM and IVCT. 

Press Release


GAM's Global Rates strategy has navigated some of the toughest periods in the market

With the structural break in global interest rate trends, we believe the days of reliable, low volatility returns from traditional core fixed income assets may be behind us. Investing across a diverse range of government bonds and currencies, and with the ability to go both long and short, the active strategy exploits inherent inefficiencies in markets with economic fundamentals at its core.

Why Global Rates?

Our Global Rates strategy is top down, thematic, driven by fundamentals and has a strong focus on risk management.


  • Simplicity - the strategy invests in a narrow set of asset classes and instruments, with no reliance on leverage or gearing

  • Transparency - typically 8 to 12 medium-term themes, exploiting dislocations in macro and fixed income markets

  • Flexibility - investing across global markets, economies, currencies and fixed income, with ongoing monitoring, data and technical analysis driving a pragmatic approach

  • Liquidity - the simplicity of the instruments in the portfolio allows for positions that are very liquid

  • Experience - Adrian Owens and the team have many years of experience as economists; they are experts and specialists in this field

Key Capabilities

Compelling track record

Since the strategy's launch in 2004, and across market cycles, the strategy has historically delivered on its targeted higher single-digit, equity-like returns but with fixed income-like levels of risk.1

True diversification

Non-directional approach centred on relative value as well as outright long and short positions have consistently delivered return and risk parameters uncorrelated to traditional fixed income investments.

Liquid and scalable

High conviction, tactically agile macro-driven approach focused on the most liquid global developed rates and currency markets (G10+), with only opportunistic and very limited exposure towards emerging markets.

Focused and transparent

Active positioning is exclusively run via liquid interest rate and currency instruments. No exposure towards credit markets or indeed any other asset classes.

Disciplined and rigorous

Concentrated portfolio built around 8-12 top-down investment themes with only modest net interest rate duration, net portfolio leverage or value-at-risk parameters, underpinned by rigorous risk management processes.

Proven and stable

Led since launch by Adrian Owens, the multi-award winning team has operated in its current composition for many years, and has employed its distinct investment approach consistently over time.

1 Past performance is not an indicator of future performance and current or future trends.

Risk Management Process is Key

Many investment managers talk at length about risk management, but evidence suggests few implement it effectively. We believe our focus on risk management is absolutely key to the way we run the Global Rates strategy and has served us well during periods of market turbulence.
Why does our approach to risk management work? In short, we have the tools (including the ability to go short) and we do as much ex-ante risk management as possible to limit the amount of ex post risk management required.
Adrian Owens, Investment Director

Get in touch for more information

Investment Team

The strategy is managed by Adrian Owens, who was one of FE FundInfo’s Alpha Managers for 2023.2  His decades of experience as an economist and investment manager are at the heart of his ability to understand how macro factors drive market behaviour and are central to his aim to generate attractive, risk-adjusted returns across all market conditions.

Adrian Owens:
Adrian manages fixed income and currency-based strategies. He has a background as an economist including for HM Treasury.

Rahul Mathur:
Rahul co-manages the strategy, and provides background research and support on fixed income and currency-based strategies.

Scott Watson:
Scott helps to manage risk and contributes to the investment process through research and in particular through his understanding of market positioning and expectations.

No fee was paid to FE FundInfo to enter the awards. Awards may not be representative of any one client’s experience and is not indicative of the future performance of the referenced strategy.

Adrian Owens
Chief Investment Officer, Investcorp-Tages
Rahul Mathur
Portfolio Manager, Investcorp-Tages
Scott Watson
Portfolio Manager, Investcorp-Tages

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Disclosure: Past performance is not an indicator of future performance and current or future trends. The indications could be based on figures denominated in a currency that may be different from the currency of your residence country and therefore the return may increase or decrease as a result of currency fluctuations. Capital at risk: all financial investments involve an element of risk. Therefore, the value of an investment and the income from it will vary and the initial investment amount cannot be guaranteed. Any reference to a security is not a recommendation to buy or sell that security.  There is no guarantee that the investment objectives of the referenced strategy will be achieved.  In addition, there is no guarantee that risk management techniques utilized by GAM will eliminate or mitigate risk in any market environment.  GAM products are not available for sale or investment in any state or jurisdiction in which such sale or investment would be prohibited and are not aimed at persons in those jurisdictions or where otherwise prohibited by the law.