BlueBay launches global sovereign fund

BlueBay Asset Management has launched the BlueBay Global Sovereign Opportunities fund.

The Ucits fund has daily liquidity and is an actively managed global sovereign strategy designed to invest in global rates, currencies and sovereign credits across both developed and emerging markets.

Portfolio managers are said to take an investment approach that translates top-down macro themes into bottom-up individual asset selection, using fundamental research.

The fund does not follow a benchmark and targets a performance of cash + 5 to 7% gross of fees, over the market cycle.

The named portfolio managers, Mark Dowding, co-head of Investment Grade Debt, Russel Matthews, portfolio manager, and David Dowsett, co-head of Emerging Market Debt, use a combination of fundamental directional views with relative value and tactical positions to invest globally.

“Whilst focusing on liquidity, the portfolio managers employ an unconstrained investment approach that enables them to invest across regions and asset classes. They also have the flexibility to use cash and derivative instruments in order to generate alpha and minimise downside risk,” BlueBay said.

Talking about the investment approach of the fund, Dowding said: “Fixed income investing is increasingly global, with boundaries blurred between developed and emerging markets.

“Against a backdrop of global economic and policy divergence, we see considerable opportunities to generate returns in global interest rates and sovereigns drawing on a seamless and flexible investment process.”

Matthews added: “Currency themes will feature prominently in 2016 and beyond as we move to the next phase in the global credit cycle.

“The ability to capture opportunities in a flexible portfolio that is not constrained by a benchmark enhances the ability to generate alpha and capitalise on divergence in markets globally.”

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