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Ostrum Asset Management

Euro Corporate Credit

An Investment Grade credit strategy covering all maturities

Stretch

The philosophy

The strategy aims to outperform the reference index through active management of:

  • A Top-Down approach: credit directional, sector allocation and diversification.
  • A Bottom-up approach: issuer and issue selection based on a combination of fundamental and relative value analysis

The portfolio manager adjusts the modified duration of the strategy depending on market conditions.

 

The strategy follows a 3 steps approach

Research & Idea Generation

Top Down: credit directional, sector allocation, diversification. Bottom Up: relative value, credit analysis integrating ESG factors.

Strategies Selection & Portfolio Construction

Transcription of views into strategies, Model Portfolio, Risk calibration in DTS (Duration Times Spread, measure to evaluate credit risk).

Portfolio Management & Risk Monitoring

Portfolio manager's investment decisions and leeway with respect to the risk budget and investment guidelines; Risk monitoring

Reasons to consider

The investment strategy is based on the complementarity of the top-down and bottom-up approaches. The Top-down approach allows the investment team to determine the optimal positioning of the portfolio according to their market outlook. The bottom-up analysis focuses on issuers with strong or improving fundamentals. This dynamic process allows the strategy to search for the best combinations of return and risk.

Alpha generation is based on four main sources of added value:

  • Active management of directional credit
  • Sector allocation
  • Selection of issuers and issues
  • Diversification mainly through High Yield, non-rated and AT1 exposure

Investing in credit requires in-depth knowledge of issuers and a rigorous approach to risks, in a context of resurgence of specific risks. Ostrum's investment team is made up of 11 credit managers with an average of 26 years of experience. It is supported by large research teams including 23 sustainability and credit analysts covering more than 1,200 issuers from Europe, the United States and Asia, allowing them to be more vigilant at every stage of the investment process.

We seek to capture the full range of opportunities offered by the credit markets. Our flexibility allows us to implement high-conviction directional and security-selection strategies.
– Maya El Khoury, CESGA®, Portfolio manager, Leader Credit Expert

The analyses and opinions referenced herein represent the subjective views of the author(s) as referenced, are as of the date shown and are subject to change without prior notice.

Risks to consider

All investing involves risk, including the risk of loss. Investment risk exists with equity, fixed income, and alternative investments. There is no assurance that any investment will meet its performance objectives or that losses will be avoided. There could be other differences across similar products in the same strategy. Investors should fully understand the risks and other relevant details associated with any investment prior to investing.

The team

Experienced investment team.
Maya El Khoury
Maya El Khoury, CESGA
Leader Expert - Credit Portfolio Manager
Ostrum Asset Management
Full bio
Omar Ettaqy
Omar Ettaqy, CFA
Credit Portfolio Manager
Ostrum Asset Management
Full bio

The firm

Ostrum Asset Management is a responsible European institutional investment management leader, supporting investors by offering asset management solutions on the back of its long-standing expertise in: money market, credit, rates, equities and multi-assets strategies managed through fundamental, insurance-driven and quantitative-driven approaches.

Paris

France

250+

Employees

Ostrum Asset Management

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