BNP AM

The sustainable investor for a changing world

High yield bond strategy

Key features

A concentrated portfolio of high-yield issuers with ESG integration, reflecting rigorous credit and ESG analysis  

Diversification across sectors, countries and issuers

An experienced portfolio management team dedicated to high yield credits

Investment philosophy 

We believe high-yield bond markets exhibit inefficiencies that can be repeatedly exploited to generate alpha.

We are committed to ESG integration as we believe sustainability-related factors are one of the most important drivers of investment risk.

Investment process

Our High Yield Bond strategy follows a disciplined four-step process: 

  • Macro and credit outlook discussion
  • Model portfolio definition
  • Issuer analysis and selection 
  • Portfolio construction

Team and resources

Our Global Corporate Credit team, which includes high yield and investment grade credit, is based in Paris, London and New York. Christophe Auvity, who has more than 26 years of industry experience, leads the team.

The team consists of experienced portfolio managers and credit research analysts who are dedicated to credit management across the rating spectrum. They benefit from access to our global trading and risk management platform, Sustainability Centre, Quantitative Research Group and Macro Research team.

Investments are subject to market fluctuations and the risks inherent in investments in securities. The value of investments and the income they generate may go down as well as up and it is possible that investors will not recover their initial outlay, the strategies described being in risk of capital loss. There is no guarantee that the performance objective will be achieved.