At AlbaCore, we focus on the long-term. As one of Europe’s leading alternative credit specialists, we invest in private capital solutions, opportunistic and dislocated credit, and structured products. 

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Specialist in Asia Pacific, Japan, China, India and South East Asia and Global Emerging Market equities.

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Our philosophy is very simple. We are constantly searching for high quality businesses and when we acquire them, we will work relentlessly with them to create long-term sustainable value through innovation, ESG-led and proactive asset management.

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formerly Realindex Investments

Leader in active quantitative equities across Australian equities, global equities, emerging markets and global small companies.

Backed by a unique blend of research, portfolio construction and risk management, focused on uncovering original insights and translating them into investment strategies that are active and systematic, aiming to generate alpha.

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Stewart Investors manage investment portfolios on behalf of our clients over the long term and have held shares in some companies for over 20 years. They launched their first investment strategy in 1988.

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Global Credit

Global Credit

We go beyond the limits of most credit analysis

Our global credit income strategy provides investors with higher yields than those on offer from cash and government bonds and diversification to complement equity exposures. Discover how we go the extra mile to navigate risks and opportunities in global markets.

Why invest with us in global credit?

We offer a range of actively managed strategies, as well as solutions for clients favouring a ‘buy and maintain’ approach. All utilise a proven investment process, incorporating disciplined in-house credit analysis and aiming to exploit relative value opportunities in global markets. We also have a proven ability to tailor bespoke, segregated mandates according to client requirements and have the local expertise to manage specialised regional portfolios.

  • A proven and differentiated investment philosophy: Since credit market returns are asymmetric, we focus on ‘avoiding the losers’ through rigorous credit analysis, combined with sophisticated portfolio construction focused on diversification. 

  • Consistent long-term performance track record: Favourable risk-adjusted returns generated over 3-5 year time horizons.

  • Multi-dimensional credit research: Credit research focuses on assessing credit risk and identifying deteriorating issuers. Our analysis considers a variety of risk dimensions, enabling significant breadth.

  • Best-in-class Environmental, Social and Governance (ESG) integration: We have a vigorous Environmental, Social and Governance (ESG) process that is built in at both the company and product level. More importantly, ESG risk factors are an important consideration in the assignment of credit ratings on individual issuers.

Our strategies

  • Our ‘flagship’ and longest-running strategy, launched more than 20 years ago
  • Primarily investment grade, with dynamic high yield exposure providing industry diversification
  • Benchmark unaware, active style
  • Floating rate provides protection against interest rate rises. Duration is fully hedged
  • Highly diversified, with exposure to ~400 names

We’re obsessive about risk management

In our view, investing in credit is as much about risk management as it is about return management. Credit market returns are asymmetric; there is typically limited upside potential and risks are concentrated on the downside.

We are value-based investors with an unrelenting focus on risk management. By completing thorough credit research, we aim to identify deteriorating issuers. Environmental, social, and governance (ESG) assessments form a critical component of the research process.

In security selection and portfolio construction, we aim to combine the most compelling risk-adjusted opportunities into well diversified portfolios.

  • Our focus is on issuers where risks are evolving, as changes can influence performance outcomes over time. 
  • We have world class ESG research capabilities and our responsible investment (RI) processes are highly rated by global consultants. 
  • Specialist analysts share information around the globe to support a global suite of credit products.
  • Internal Credit Ratings directly influence portfolio construction decisions, underlining the importance of disciplined research. 
ESG issues have a direct impact on an issuer's risk and therefore its probability of default. If a company manages ESG risks poorly, we don’t have confidence that other risks are being well managed.

Ky Van Tang

Co-Lead of Credit Research

Disclaimer: Reference to specific securities (if any) is included for the purpose of illustration only and should not be construed as a recommendation to buy or sell the same.  All securities mentioned herein may or may not form part of the holdings of First Sentier Investors’ portfolios at a certain point in time, and the holdings may change over time.

Our credit analysts are tasked with monitoring the credit risk profile of individual borrowers. The aim is to remove deteriorating issuers from portfolios before default risk starts to affect valuations.

Mike Arnold

Co-Lead of Credit Research

Responsible investment

Our corporate responsible investment strategy is based upon three strategic pillars of quality, stewardship and engagement.

For Global Credit, the Environmental, Social and Governance (ESG) assessment impacts the internal credit rating (ICR) provided by the Credit Analysts via our Credit Research process.

Learn more about the Global Credit team's approach to responsible investment

Meet the investment team

Tony Togher

Head of Fixed Income, Short Term Investments and Global Credit

Craig Morabito

Senior Portfolio Manager

Ben Samuel

Portfolio Manager

Ky Van Tang

Co-Lead, Credit Research