Alex Borer

“Being based in the heart of Europe – although not sitting in an eurozone membership country – one needs to make sure not to think too EU-centrically when evaluating opportunities. Our investment universe is truly global, hence opportunities are manifold. One asset class that offers value in various macroeconomic scenarios is global high yield corporate bonds (risk on – spread tightening, muddling through – carry trade, risk off – rolling down the yield curve). Current credit spreads in excess of 6 per cent are attractive given the shape of the corporate sector. We increase our allocation by 2 per cent to 7 per cent.”